We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Tuesday, 01 June 10
LANCO INFRATECH PLANS POWER PROJECTS IN COASTAL REGIONS
My digital reported that, Hyderabad-based Lanco Infratech will set up power projects in coastal regions based on imported coal. The company is ...
Monday, 31 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE SHORTENS
Business week reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in powe ...
Saturday, 29 May 10
FREIGHT MARKET SEEMS TO BE STABILIZING - CAPT. REDDY
COALspot.com: The week was clearly for Cape which went up by almost 21 pct . The BDI was up only by 6 pct.
The other sectors were under pressure ...
Friday, 28 May 10
BERAU COAL GROUP SEEKS US$ 700 M LOAN
PT Bukit Mutiara has decided to revise down its bond issue from US$600 million to US$400 million. In total, it is seeking US$700 million of debt, co ...
Friday, 28 May 10
CHINESE BAN TO HIT INDIAN IRON ORE EXPORTS
Nearly half of India's iron ore exports to China are in serious danger of being wiped out. The local government has imposed a ban on import of low ...
|
|
|
Showing 5801 to 5805 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- The University of Queensland
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
|
| |
| |
|
