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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
 Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it proposes to replace the Resource Super Profits Tax with a Mineral Resource Rent Tax (MRRT).
The mining industry has consistently stated that any tax reform needs to satisfy core principles that include ensuring that:
• any new tax is not applied retrospectively, so that existing projects where investment decisions have already been made are not adversely affected; and
• a competitive effective tax rate that will not disadvantage Australia as an investment destination.
As a result of constructive discussions, the proposed new tax will apply only to iron ore and coal resources from 1 July 2012. The companies agree that the proposal presented by the Government represents very significant progress towards a minerals taxation regime that satisfies the industry’s core principles.
The companies will continue to work constructively with Government to ensure that the detailed design of minerals taxation maintains the international competitiveness of the Australian resources industry into the future.
MINERAL RESOURCE RENT TAX HEADS OF AGREEMENT
The Design of the Minerals Resource Rent Tax
The new resource tax will apply from 1 July 2012 only to mined iron ore and coal. All other minerals are excluded.
The rate of tax will be 30% applied to the taxable profit at the resource.
Taxable profit is to be calculated by reference to:
• The value of the commodity, determined at its first saleable form (at mine gate) less all costs to that point
• An extraction allowance equal to 25% of the otherwise taxable profit will be deductible to recognise the profit attributable to the extraction process. (i.e. this to only tax the resource profit)
• Arms length principles on all transactions pre and post first saleable form.
MRRT is to be calculated on an individual taxpayer’s direct ownership interest in the project.
There will be no MRRT liability for taxpayers with low levels of resource profits (i.e. $50m per annum).
All post 1 July 2012 expenditure is to be immediately deductible for MRRT on an incurred basis. Non-deductible expenditure will be broadly consistent with PRRT.
MRRT losses will be transferable to offset MRRT profits the taxpayer has on other iron ore and coal operations.
Carried-forward MRRT losses are to be indexed at the allowance rate equal to the LTBR plus 7 percent.
The MRRT will be an allowable deduction for income tax.
All State and Territory royalties will be creditable against the resources tax liability but not transferable or refundable. Any royalties paid and not claimed as a credit will be carried forward at the uplift rate of LTBR plus 7 percent.
Starting Base
The starting base for project assets is, at the election of the taxpayer, either:
• Book value (excluding the value of the resource) or
• Market value (as at 1 May 2010).
All capital expenditure incurred post 1 May 2010 will be added to the starting base and depreciated against mining operations from 1 July 2012. “Project assets” for the purpose of the MRRT will be defined to include tangible assets, improvements to land and mining rights (using the Income Tax definition).
Where book value is used to calculate starting base, depreciation will be accelerated over the first 5 years. The undepreciated value will be uplifted at LTBR plus 7 percent. Where market value is used to calculate starting base, there will be no uplift and depreciation will be based on an appropriate effective life of assets, not exceeding 25 years.
Any undepreciated starting base and carry forward MRRT losses are to be transferred to a new owner if the project interest is sold.
Source: Press Release Rio Tinto
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Thursday, 10 June 10
R-POWER, INDONESIA'S SUGICO INK PACT TO ACQUIRE COAL MINES - ECONOMIC TIMES
Economic Times of India reported that, Anil Ambani-owned Reliance Power has signed a share-sale agreement with Indonesia’s Sugico Group to acq ...
Thursday, 10 June 10
PARAMOUNT MINING CORPORATION REPORTS KEY INDONESIAN JV AGREEMENT
Indonesia focussed Paramount Mining Corporation has reported that its Indonesian subsidiary, PT Paramindo, has concluded a Joint Venture Agreem ...
Wednesday, 09 June 10
INDIA, CHINA TO PROP UP THERMAL COAL DEMAND - COMMODITY ONLINE
Commodity Online : Weakness in thermal coal demand in OECD will continue to be offset by growth in demand in India and China. Therefore, the s ...
Tuesday, 08 June 10
TATA POWER LOOKING TO PICK UP STAKE IN OVERSEAS COAL MINES - ECONOMIC TIMES
Economic Times reported that, Tata Power is looking for a strategic stake purchase in coal mines of Indonesia or South Africa to fuel its upcoming 1 ...
Tuesday, 08 June 10
RUSSIA REPORTED A TENFOLD GROWTH IN COAL EXPORTS TO CHINA IN 1Q 2010 - BRS
A retreat for all the dry bulk segments this week, but especially for the Panamax and Supramax markets. The Panamax 4TC remains over US$30,000/day h ...
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Showing 5786 to 5790 news of total 6871 |
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- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
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