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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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Tuesday, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
Sunday, 11 July 10
OVERALL NO OR NEGLIGIBLE IMPACT IN ARUTMIN MINE - BUMI
COALspot.com: Bumi denies the media reports on an impact of unusually rains on coal production in BUMI mines.
"Arutmin is being impacted by ...
Saturday, 10 July 10
FREIGHT MARKET SITUATION MAY CONTINUE FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: The market continued to soften further with the cape and panamax index down by about 20 pct and closed at 2,102 and 1,944 points respe ...
Saturday, 10 July 10
STC OF INDIA TO ASSOCIATE WITH FUEL SUPPLIERS
COALspot.com: State Trading corporation of India, which is under Ministry of Commerce, has invited Expression of Interest from coal suppliers ...
Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to dea ...
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Showing 5731 to 5735 news of total 6871 |
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- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
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