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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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Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
Wednesday, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
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- Minerals Council of Australia
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
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