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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, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
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- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Parliament of New Zealand
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Posco Energy - South Korea
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Planning Commission, India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
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