27th Apr 2015 07:48
Sydney (Alliance News) - Australia's mining giant BHP Billiton PLC is being pursued for USD408 million in unpaid taxes, interest and penalties, it was revealed to a Senate inquiry Monday, the Sydney Morning Herald reported.
The firm revealed that the Australian Taxation Office was seeking the amount as part of an audit of the company's taxation arrangements.
A Senate committee is examining how corporations avoid paying taxes in Australia by using overseas subsidiaries.
BHP revealed that it had negotiated a tax incentive from the Singapore government, and as a result paid just USD121,000 in income tax there, while making profits of USD5.7 billion, the report said.
But BHP said it had paid USD738 million worth of taxes in Australia over eight years, the Sydney Morning Herald reported.
BHP is Australia's largest taxpayer.
Copyright dpa
Related Shares:
BHP Billiton PLC