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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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Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
Monday, 28 June 10
REVISIONS SHOULD AIM MINERAL AND COAL LAW
VIVAnews reported that, the Consortium of Mineral, Coal and Geothermal-Producing Regional Governments (Minerbapabum) is asking the government to per ...
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- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Australian Coal Association
- PTC India Limited - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- The University of Queensland
- Indika Energy - Indonesia
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