BHP Billiton has refused to provide profit figures for its Singapore business, amid allegations it and Rio Tinto are shifting profits there to avoid tax.
BHP and rival Rio Tinto have confirmed to a Senate inquiry they are being audited by the Australian Taxation Office over the use of Singapore marketing hubs to allegedly reduce their tax bills.
Rio Tinto's Australian managing director Phil Edmands told the inquiry into tax avoidance that the miner's Singapore hub made a $790 million profit and paid a five per cent tax rate in 2014.
But BHP corporate affairs president Tony Cudmore cited commercial sensitivity for not revealing figures for its Singapore operations.
"Your credibility is shattered by the fact your competitor is prepared to share those figures," Independent Senator Nick Xenophon said.
Global mining giant Glencore earlier revealed it was closing its centre in Singapore.
Glencore rejected claims it avoided tax in Australia, amid accusations it uses loans within its own company to shift profits.
Inquiry chairman Sam Dastyari put previously aired accusations to Glencore executives that it reduced its tax obligations over the last three years through an unnecessary $3.4 billion loan.
Glencore corporate affairs manager Cassandra McCarthy said the company fully complied with the law, paying $8 billion in taxes and royalties in Australia since 2007.
But it has paid less than $500 million in corporate taxes in the last three years, as commodity prices weakened, Glencore said.
Share
