The Australian Taxation Office (ATO) believes BHP and rival Rio Tinto (LON:RIO) have been channelling billions in profit through international tax havens like Singapore to avoid paying more than $750 million in tax to the Australian government, AFR reported.
Facing the committee in Melbourne on the last of a three-day national hearing, BHP and Rio acknowledged they were in ongoing discussions with auditors from the ATO.
However, the miners denied they had arranged their businesses to shift profits through marketing hubs in low-tax Singapore, adding their Singapore operations provide a central location from which to arrange the sale and transport of commodities to key Asian customers.
Earlier resources giant Glencore (LON:GLEN) disclosed it was shutting its centre in Singapore.
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