BHP Billiton releases report disclosing payment to govts. & calls for mandatory disclosure framework globally

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Article
23 September 2015

BHP Billiton releases first economic contribution and payments to governments report

Author: BHP Billiton

BHP Billiton today released a new Economic Contribution and Payments to Governments Report as part of its long-standing commitment to transparency and voluntary disclosure….[T]he new report discloses payments made to governments during the 2015 financial year on a country-by-country and project-by-project basis…“We create value for our communities and shareholders through the development of natural resources – and our tax and royalty payments are an essential part of this contribution.”…In the period, BHP Billiton’s global adjusted effective tax rate was 31.8 per cent, compared to the OECD average corporate income tax rate of 25 per cent, and the Company’s effective income tax and royalties paid rate was in excess of 45 per cent. “Tax and royalty payments are just one way in which we make a difference,” Mr Beaven said…“BHP Billiton is committed to the highest standards of corporate governance and we seek to encourage reforms that enhance disclosure and transparency around the world. “This includes support for the creation of a globally-consistent mandatory disclosure framework with formal equivalency agreements between jurisdictions.”…

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Report
23 September 2015

Economic contribution and payment to governments report 2015

Author: BHP Billiton

The scale and long-term nature of our operations enables us to make a significant and long-term economic contribution to the countries in which we operate. We support local and national economies through the payment of taxes and royalties to our host governments, as well as through the creation of direct and indirect jobs, and the purchase of goods and services. It follows that we must act responsibly, including in relation to our tax affairs, in order to be able to provide our host communities with the best opportunity to prosper. Communities should have a clear understanding about the revenue gained by their governments from the extraction of natural resources and how this is allocated in their country’s economic and social development…Countries that transparently and effectively allocate natural resource wealth for the benefit of their communities have the potential to attract greater, more responsible and longer-term business investment…

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