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BIL
BIBLT
BIL - BHP Billiton Plc - Bhp Billiton disappointed with New Australian Mining
Tax
BHP Billiton Plc
Share code: BIL
ISIN: GB0000566504
02 May 2010
BHP BILLITON DISAPPOINTED WITH NEW AUSTRALIAN MINING TAX
BHP Billiton today expressed its disappointment with the Australian Government`s
plan to impose a new resource rent tax. The imposition of this new tax would
result in an increase in the total effective tax rate on the Group`s profits
earned from its Australian operations from around 43 per cent currently to
around 57 per cent from 2013.
Multi-billion dollar, long-term investments in the Australian resources sector
have contributed significantly to the prosperity of all Australians. In the
last three years the resources sector has contributed 18 per cent of Australia`s
GDP, is the largest contributor to Australian export revenues at 42 per cent and
has been the largest contributor to corporate tax revenues. Much of the profit
in the sector has been re-invested in resource and infrastructure projects in
Australia. A key factor underpinning the decisions behind these investments has
been Australia`s reputation for providing a stable and competitive taxation
regime.
BHP Billiton Chief Executive Officer Marius Kloppers said: "The stability and
competitiveness of the tax system have been central to the investment in
resources in Australia. If implemented, these proposals seriously threaten
Australia`s competitiveness, jeopardise future investments and will adversely
impact the future wealth and standard of living of all Australians."
BHP Billiton recognises that governments will review taxation policy and rates
from time to time. The Group, however, has been advocating that taxation
changes should be designed so that they preserve the basis upon which past
capital investments have been made, maintain the future international
competitiveness of Australia`s resources industry, acknowledge that different
products have different return characteristics, and encourage private investment
in infrastructure and processing.
Mr Kloppers said: "The Government has not defined all aspects of the design,
implementation and application of the new tax, and until they are clarified we
cannot be certain what the full implications for the industry will be. However,
this significant new tax will have the effect of making investments in Australia
much less attractive."
The Government has indicated it will consult with industry regarding this new
tax proposal and BHP Billiton will constructively contribute to this process.
Note: In 2009 BHP Billiton paid taxes totalling A$6.3 billion in relation to its
Australian businesses, comprising company tax of A$3.0 billion, State royalties
of A$1.9 billion, Petroleum Resource Rent Tax of A$1.1 billion, and other taxes
of $0.35 billion.
Further information on BHP Billiton can be found on our Internet site:
www.bhpbilliton.com
Australia United Kingdom & South Africa
Amanda Buckley, Media Relations Andre Liebenberg, Investor
Tel: +61 3 9609 2209 Mobile: +61 419 Relations
801 349 Tel: +44 20 7802 4131 Mobile:
email: Amanda.Buckley@bhpbilliton.com +44 7920 236 974
email:
Andre.Liebenberg@bhpbilliton.com
Fiona Martin, Media Relations Illtud Harri, Media Relations
Tel: +61 3 9609 2211 Mobile: +61 427 Tel: +44 20 7802 4195 Mobile:
777 908 +44 7920 237 246
email: Fiona.Martin2@bhpbilliton.com email:
Illtud.Harri@bhpbilliton.com
Leng Lau, Investor Relations Americas
Tel: +61 3 9609 4202 Mobile: +61 403 Scott Espenshade, Investor
533 706 Relations
email: Leng.Y.Lau@bhpbilliton.com Tel: +1 713 599 6431 Mobile: +1
713 208 8565
email:
Scott.Espenshade@bhpbilliton.com
Ruban Yogarajah, Media Relations
Tel: US +1 713 966 2907 or UK +44
20 7802 4033Mobile: UK +44 7827
082 022
email:
Ruban.Yogarajah@bhpbilliton.com
BHP Billiton Limited ABN 49 004 028
077 BHP Billiton Plc Registration
Registered in Australia number 3196209
Registered Office: 180 Lonsdale Registered in England and Wales
Street Registered Office: Neathouse
Melbourne Victoria 3000 Australia Place
Tel +61 1300 55 4757 Fax +61 3 9609 London SW1V 1BH United Kingdom
3015 Tel +44 20 7802 4000 Fax +44 20
7802 4111
Members of the BHP Billiton group which is headquartered in Australia
Date: 03/05/2010 07:05:01 Produced by the JSE SENS Department.
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