BHP to pay $529m bill after taxman wins trading hub case

Original article by Paul Garvey
The Australian – Page: 17 & 20 : 20-Nov-18

BHP Billiton has agreed to pay $529 million in back taxes as part of a settlement with the Australian Taxation Office concerning its Singapore trading hub. There had been claims that BHP was using the hub to reduce its tax payments in Australia, with the settlement relating to its earnings between 2013 and 2018. Previously, 42 per cent of the hub had been owned by BHP’s UK arm, but its Australian arm will now assume 100 per cent ownership. BHP CFO Peter Beaven said he is pleased that the issue has been resolved, while he noted that BHP had already paid over $75 billion in Australian taxes and royalties between 2013 and 2018.

CORPORATES
BHP BILLITON LIMITED – ASX BHP, AUSTRALIAN TAXATION OFFICE, RIO TINTO LIMITED – ASX RIO, GLENCORE PLC

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