Johannesburg - BHP Billiton reveals its total economic contribution to countries across the globe in the past year was $26.7 billion.
This included $3.7 billion globally in taxes, royalties and other payments to governments.
Last month, the Anglo-Australian mining giant posted a record full-year loss of $6.4 billion on significant write-downs and impairments, as well as weaker commodities prices hurting its bottom line.
Releasing its “economic contribution and payments to governments report” on Wednesday, BHP Billiton CFO Peter Beaven said the company's adjusted effective tax rate in the 2016 financial year was 35.8 percent.
In a statement, Beaven said this rate was more than 58 percent when royalties were included, demonstrating that BHP Billiton was paying its fair share of tax.
“The company's adjusted effective tax rate averaged 31.9 percent over the past decade, and 39.8 percent when royalties are included,” Beaven said.
“Over the last decade, our average effective tax rate was higher than the 30 percent company rate in Australia and the average OECD rate of 25 percent.”
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Beaven said the report was in line with BHP Billiton's commitment to transparency. “Debates about tax need to be informed by facts. It is crucial that the conversation addresses how tax systems take into account the realities of operating in a global economy as well as national interests. This will enable stable investment environments that encourage growth and development,” Beaven said.
The report details payments BHP Billiton made to governments during the 2016 financial year on a country-by-country and project-by-project basis.
Other payments made were significant contributions to suppliers, voluntary contributions to host communities, wages and employee benefits and dividends.
In the last decade, BHP Billiton paid about $85 billion globally in taxes, royalties and other payments to governments, including $58 billion in Australia.
On Wednesday, the Australian Taxation Office hit BHP Billiton with fresh tax assessments in a dispute over the price at which it sold commodities to its Singapore-based marketing business for more than a decade.
BHP Billiton said it would be contesting the bill which, had pushed the total claimed to more than $760 million.
AFRICAN NEWS AGENCY