Shell Oil (LSE:RDSA) is urging government officials to remodel it's controversial profit super tax. They are wanting to make it comparable to the taxing of the petroleum industry.
Currently, the profit super tax takes effect once a company reaches a return of capital at 5.75 percent. This return amount is set by the federal government. Ann Pickard, a senior executive at Shell, states that she believes that a company should have to reach a return capital of 11 percent before the super profits tax kicks in.
The proposal from the Queensland Government states that they are in agreement with Ms. Pickard's statement, these comments stemmed from the Australian Petroleum Production and Exploration Association conference.
At this conference Jac Nasser, the new BHP Billiton chairman amplified his efforts of the big miner's campaign against the plan. The proposal "unfairly changes the rules of the game," said Mr. Nasser in his first letter to the 600,000 BHP shareholders.
BHP feels the new tax should only be applied to new investments. A government consultation panel will meet on Thursday about the new tax, BHP will attend Friday.
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