- BHP Billiton (NYSE:BHP) and Rio Tinto (NYSE:RIO) admit they are under audit by the Australian Taxation Office for allegedly shifting profits through marketing hubs in Singapore.
- At a Senate hearing into corporate tax avoidance, the miners denied arranging their businesses to shift profits through marketing hubs in low-tax Singapore that were set up during a decade-long mining boom to facilitate the sale of minerals to customers across Asia.
- Rio's Australian managing director told the inquiry that its Singapore hub made a $790M profit and paid a 5% tax rate ($44M) in 2014; BHP execs refused to answer questions on how big a potential tax bill the company faced because of its Singapore hub.
-
Earlier: Australia pursuing BHP, Rio Tinto on Singapore tax shelter (April 7)