TIDMBHP
RNS Number : 9948J
BHP Group Limited
21 August 2023
Issued by: BHP Group Limited
Date: 22 August 2023
To: London Stock Exchange
JSE Limited
For Release: Immediately
Contact: Anthony Sciuto +61 412 434 347
---------------- ---------------------------------------
BHP Group Limited - Economic Contribution Report 2023
---------------------------------------------------------
Introduction
Our Economic Contribution Report (Report) for the year ended 30
June 2023 was released today.
BHP has delivered a strong set of results in FY2023, against a
backdrop of economic uncertainty. In FY2023, BHP achieved both
production guidance and growth across each of our commodities,
including record annual production at Western Australia Iron Ore,
Olympic Dam and Spence. Overall, we saw lower revenue in FY2023 due
to weaker prices in key commodities. On the cost side, we managed
the impact of inflation well, relative to the market, through
disciplined cost control.
The strength of our portfolio, our operating excellence, our
people and ongoing commitment to social value should position us
well to continue growing value for our shareholders and support the
communities in the countries where we operate.
BHP has a long-standing commitment to transparency. We recognise
taxes are important sources of government revenue and are central
to the fiscal policy and macroeconomic stability of countries.
Paying the right amount of taxes and royalties enables governments
to finance and deliver on national development plans for the
benefit of the broader community to promote sustainable economic
growth, full and productive employment, and reduce poverty and
inequality within and among countries. We have disclosed details of
our tax and royalty payments for more than 20 years and we have
continually updated and expanded our disclosures. The Economic
Contribution Report aims to provide a greater understanding of
BHP's global tax profile, tax contributions and the manner in which
we govern and manage our tax obligations.
BHP is subject to the different tax regimes and complies with
applicable tax laws in all the countries where we operate,
including the Organisation for Economic Co-operation and
Development (OECD) Country-by-Country reporting. This information
provides tax authorities around the world with details of how we
conduct our business and how BHP's entities transact with each
other.
Our Economic Contribution Report 2023 has today been submitted
to the FCA National Storage Mechanism and will shortly be available
for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism . It is also
available to be downloaded on the BHP website at:
https://www.bhp.com/-/media/Documents/Investors/Annual-Reports/2023/230822_bhpeconomiccontributionreport2023.pdf
BHP's total direct economic contribution for FY2023 was US$54.2
billion. This includes contribution to suppliers, wages and
benefits for more than 80,000 employees and contractors, dividends,
taxes, royalties and voluntary investment in social projects across
the communities where we operate. In FY2023, our tax, royalty and
other payments to governments totalled US$13.8 billion. Of this, 88
per cent or US$12.1 billion was paid in Australia. This made BHP
one of the largest corporate taxpayers in Australia in FY2023.
During the last decade, we paid US$94.2 billion globally in taxes,
royalties and other payments to governments, including US$74.9
billion (approximately A$101.0 billion) in Australia.
Below are extracted sections of our full Economic Contribution
Report 2023 that together meet our UK regulatory obligations under
DTR 4.3A of the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules and, where required by DTR 4.3A, the Reports
on Payments to Governments Regulations 2014 (as amended) .
Our payments to governments
BHP has prepared this information on the basis set out in the
Basis of Report preparation and Glossary sections of the Economic
Contribution Report FY2023.
Payments made by country and level of government
Total
Payments payments Total
Corporate Royalty-related Total for as defined payments
Income Income taxes infrastructure by the UK Other to
US$ millions Tax Tax paid Royalties Fees improvements Requirements Payments governments
Total payments to
governments 9,067.5 250.9 9,318.4 4,014.2 38.7 41.8 13,413.1 358.8 13,771.9
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Australia 7,729.1 - 7,729.1 4,013.8 23.8 40.1 11,806.8 322.0 12,128.8
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Australian Taxation
Office 7,729.1 - 7,729.1 - - - 7,729.1 29.4 7,758.5
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Central Highlands
Regional
Council - - - - - - - 3.3 3.3
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
City of
Kalgoorlie-Boulder - - - - - - - 0.2 0.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
City of Rockingham - - - - - - - 0.1 0.1
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Coal Mining Industry
Long Service - - - - - - - 16.9 16.9
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Isaac Regional
Council
(Queensland) - - - - - - - 6.9 6.9
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Mackay Regional
Council
(Queensland) - - - - - - - 0.5 0.5
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Municipal Council of
Roxby
Downs - - - - - - - 1.0 1.0
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Muswellbrook Shire
Council
(New South Wales) - - - - - 0.1 0.1 3.7 3.8
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Shire of Ashburton
(Western
Australia) - - - - - - - 0.6 0.6
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Shire of Dundas - - - - - - - 0.1 0.1
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Shire of East
Pilbara (Western
Australia) - - - - - - - 4.9 4.9
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Shire of Leonara
(Western Australia) - - - - - - - 0.9 0.9
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Shire of Wiluna
(Western Australia) - - - - - - - 1.2 1.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
State of New South
Wales - - - 303.6 1.9 - 305.5 7.1 312.6
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
State of Queensland - - - 1,755.9 1.5 3.0 1,760.4 70.0 1,830.4
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
State of South
Australia - - - 98.4 2.1 - 100.5 29.7 130.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
State of Victoria - - - - - - - (7.6) (7.6)
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
State of Western
Australia - - - 1,855.9 17.6 37.0 1,910.5 134.6 2,045.1
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Town of Port Hedland
(Western
Australia) - - - - - - - 17.0 17.0
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Other Australian
Governments - - - - 0.7 - 0.7 1.5 2.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Brazil 0.1 - 0.1 0.4 - - 0.5 2.6 3.1
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Federal Tax Revenue
Ministry 0.1 - 0.1 - - - 0.1 2.6 2.7
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
National Mining
Agency - - - 0.4 - - 0.4 - 0.4
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Canada 11.9 - 11.9 - 8.6 1.1 21.6 5.2 26.8
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Canada Revenue
Agency 11.9 - 11.9 - - - 11.9 1.8 13.7
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Finances Quebec - - - - - 0.1 0.1 0.1 0.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Government of
Saskatchewan - - - - 8.6 - 8.6 0.1 8.7
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Ministry of Finance
- Ontario - - - - - - - 0.1 0.1
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Rural Municipality
of Leroy
(Saskatchewan) - - - - - 0.2 0.2 3.0 3.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Rural Municipality
of Prairie
Rose (Saskatchewan) - - - - - 0.2 0.2 0.1 0.3
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Rural Municipality
of Usborne - - - - - 0.6 0.6 - 0.6
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Other Canadian - - - - - - - - -
Governments
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Chile(1) 1,195.3 250.9 1,446.2 - 5.4 - 1,451.6 22.0 1,473.6
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Servicio De
Impuestos Internos 1,195.3 250.9 1,446.2 - 5.4 - 1,451.6 22.0 1,473.6
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
China 3.1 - 3.1 - - - 3.1 - 3.1
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
China Tax Bureau 3.1 - 3.1 - - - 3.1 - 3.1
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
India 0.7 - 0.7 - - - 0.7 - 0.7
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Income Tax
Department 0.7 - 0.7 - - - 0.7 - 0.7
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Japan 0.4 - 0.4 - - - 0.4 - 0.4
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
National Tax Agency 0.4 - 0.4 - - - 0.4 - 0.4
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Malaysia 1.3 - 1.3 - - - 1.3 - 1.3
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Inland Revenue Board 1.3 - 1.3 - - - 1.3 - 1.3
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Netherlands 0.9 - 0.9 - - - 0.9 - 0.9
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Tax and Customs
Administration 0.9 - 0.9 - - - 0.9 - 0.9
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Peru 16.4 - 16.4 - - - 16.4 0.2 16.6
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
National
Superintendency of
Customs And Tax
Administration 16.4 - 16.4 - - - 16.4 - 16.4
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Republica Del Peru - - - - - - - 0.2 0.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Philippines 0.7 - 0.7 - - - 0.7 0.4 1.1
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Bureau of Internal
Revenue 0.5 - 0.5 - - - 0.5 0.4 0.9
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Other Philippines
Governments 0.2 - 0.2 - - - 0.2 - 0.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Singapore 92.2 - 92.2 - - - 92.2 - 92.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Inland Revenue
Authority of
Singapore 92.2 - 92.2 - - - 92.2 - 92.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Switzerland 0.2 - 0.2 - - - 0.2 - 0.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Canton of Zug 0.2 - 0.2 - - - 0.2 - 0.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
United Kingdom 5.3 - 5.3 - - - 5.3 3.9 9.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
City of Westminster - - - - - - - 0.9 0.9
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
HM Revenue & Customs 5.3 - 5.3 - - - 5.3 3.0 8.3
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
United States of
America 9.9 - 9.9 - 0.9 0.6 11.4 2.5 13.9
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Arizona Department
of Revenue - - - - 0.1 - 0.1 - 0.1
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Internal Revenue
Service - - - - - - - 2.0 2.0
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
U.S. Department of
The Treasury 9.8 - 9.8 - - - 9.8 - 9.8
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
U.S. Nuclear
Regulatory
Commission - - - - 0.3 - 0.3 - 0.3
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Utah State Tax
Commission - - - - 0.2 - 0.2 - 0.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
State of New Mexico 0.1 - 0.1 - 0.1 - 0.2 - 0.2
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Bureau of Land
Management - - - - 0.1 - 0.1 - 0.1
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Pinal County - - - - - - - 0.4 0.4
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Other US Governments - - - - 0.1 0.6 0.7 0.1 0.8
--------- --------------- ------- --------- ---- -------------- ------------ -------- -----------
Figures are rounded to the nearest decimal point.
1 Income and mining taxes are paid in Chile on a calendar year
basis. However, for the purpose of this Report, taxes paid are
included for BHP's financial year (1 July 2022 to 30 June 2023).
For reference, income tax and specific tax on mining activities
paid by Escondida and Pampa Norte for CY2022 amount to US$1,265.0
million (Escondida) and US$1.3 million (Pampa Norte).
Payments made on a project-by-project basis
Total
Payments payments Total
Corporate Royalty-related Total for as defined payments
Income Income taxes infrastructure by the UK Other to
US$ millions Tax Tax paid Royalties Fees improvements Requirements Payments governments
Total payments to governments 9,067.5 250.9 9,318.4 4,014.2 38.7 41.8 13,413.1 358.8 13,771.9
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Minerals Americas 1,207.6 250.9 1,458.5 0.4 14.2 1.0 1,474.1 29.4 1,503.5
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Escondida 1,305.7 249.7 1,555.4 - 0.8 - 1,556.2 19.9 1,576.1
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Other Copper 2.7 - 2.7 0.4 1.1 - 4.2 1.0 5.2
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Pampa Norte (118.3) 1.2 (117.1) - 3.7 - (113.4) 1.2 (112.2)
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Potash Canada - - - - 8.6 1.0 9.6 4.7 14.3
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
BHP Billiton Brasil Ltda(1) (0.3) - (0.3) - - - (0.3) 2.6 2.3
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
RAL Cayman Inc(2) 17.8 - 17.8 - - - 17.8 - 17.8
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Minerals Australia 7,670.1 - 7,670.1 4,013.8 23.5 40.1 11,747.5 319.4 12,066.9
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
New South Wales Energy Coal 590.8 - 590.8 303.6 1.9 0.1 896.4 14.1 910.5
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Nickel West 99.3 - 99.3 34.2 3.6 - 137.1 28.2 165.3
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Copper South Australia 78.3 - 78.3 98.4 2.1 - 178.8 31.3 210.1
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Other Coal (0.8) - (0.8) - - - (0.8) 28.7 27.9
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
BHP Mitsubishi Alliance(3) 1,734.4 - 1,734.4 1,755.9 1.5 3.0 3,494.8 82.1 3,576.9
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Western Australia Iron Ore 5,168.1 - 5,168.1 1,821.7 14.4 37.0 7,041.2 135.0 7,176.2
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Group and Unallocated 189.8 - 189.8 - 1.0 0.7 191.5 10.0 201.5
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Corporate(4) 190.7 - 190.7 - - - 190.7 9.0 199.7
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Commercial 18.3 - 18.3 - - - 18.3 - 18.3
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Other (19.2) - (19.2) - 1.0 0.7 (17.5) 1.0 (16.5)
--------- --------------- ------- --------- ------- -------------- ------------ -------- -----------
Figures are rounded to the nearest decimal point.
1 Holding company of Samarco equity accounted investment.
2 Holding company of Antamina equity accounted investment.
3 Royalties, fees and other payments made by BM Alliance Coal
Operations Pty Limited have been included in total payments to the
extent of BHP's ownership of the operating entity, being 50 per
cent.
4 The corporate income tax amount predominantly reflects the
allocation of the Australian corporate income tax liability among
members of the Australian tax consolidated group. For more
information refer to Basis of Report preparation section.
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