ATO rules that Glencore understated the taxable income of its copper mine by $241 million over 3 yrs by diverting profits to its Swiss marketing hub.http://www.afr.com/business/mining/ato-finds-glencores-cobar-mine-understated-241-million-income-20171211-h02e6u …
Ah. I see what you mean. Sounds like '1000% mark up' was maybe a throw-away figure from someone at ATO explaining it to the journalist?
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Yes slightly unclear whether they know Glencore’s markup is 1000% or they are just explaining the ATO approach.
@Stoorrrt may know more... - 1 more reply
New conversation -
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This set of accounts I found on the Internet gives you an idea of how, for another company in the industry, the marketing fee (based on % of gross sales) compares to the cost of that marketing.... http://www.smh.com.au/cqstatic/12z7v7/BHP%20Billiton%20Marketing%20AG%20AR$2014.pdf … This is fairly typical of the Marketing Hub issue.
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I’m confused
Where do they get 100% (or 1000%?) markup figures from. Article says 4% discount on LME