BHP Billiton Ltd
(ASX:BHP) CEO Marius Kloppers has launched a scathing attack on the federal government, accusing it of lying about how much tax Australia’s resources industry pays.
In an email to staff obtained by The Sydney Morning Herald, Mr Kloppers says the government’s claim that the industry has not been paying its fair share of tax is not true and called on employees to spread the message.
Mr Kloppers’ actions come in response to the new 40% tax planned for the mining sector’s super profits.
He says the industry is already the highest tax paying business sector in the Australian economy, paying an average of 43% tax.
Under the proposed new resources rent tax, the effective tax rate for the mining industry will climb to 55%.
Another $7 billion was wiped from the value of mining companies yesterday amid fears the new tax will lead to bigger earnings downgrades as the local share market continued to digest the news.
BHP Billiton posted a profit of $7.243 billion for the year to June 30, 2009.
