BHP accused of underpaying $300m in royalties to WA Government

Mining company BHP has been accused of ripping off taxpayers by as much as $300 million in royalties.

According to 6PR, Western Australia Premier Mark McGowan is going after the world’s largest mining company for iron ore royalties that it believes were deliberately underpaid.

The Western Australian Government reportedly believes BHP has been understating its prices and paying lower taxes for at least 12 years.

It believes BHP owes the state between $200 million and $300 million.

It’s been claimed BHP used a wholly-owned Singapore marketing hub subsidiary to understate the price of iron sold Japan and China buyers.

The claim has been the subject of a massive legal dispute that is just being revealed.

Last year BHP paid $530 million to the Australian Tax Office to settle a dispute that may be related to the Western Australia claim.

Source link Finance News Australia

Enter your Email Address

Leave a Reply

Your email address will not be published. Required fields are marked *