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BHP says it reached an agreement with Australian tax authorities to pay A$529M (US$386M) in additional taxes on income for 2003-18 as part of a settlement of a long-running dispute over its operations in Singapore; BHP says it already has paid A$328M of the total.
- BHP also will increase its ownership of its main Singapore marketing business to 100% from 58%, which will make all profits made in Singapore from Australian assets owned by BHP fully subject to Australian tax.
- The deal "fully resolves the longstanding dispute... with no admission of tax avoidance by BHP, and provides certainty in relation to the future taxation treatment," BHP says.