Lakshmi Mittal gets huge dividend of £394 mn
India-born billionaire Lakshmi Mittal has become richer by nearly 394 million pounds after receiving a dividend from ArcelorMittal. India's corporate moghuls in 2008
By Agencies |
LONDON: India-born billionaire Lakshmi Mittal has become richer by nearly 394 million pounds after receiving a dividend from ArcelorMittal, but he would not have to pay any tax due to his non-domicile status in the UK, a media report said on Thursday.
"Britain's richest man is 393.9 million pounds better off today after paying himself a huge dividend from his company, safe in the knowledge that as a "non-dom", he will not pay tax on it here," a Daily Mail report said.
Persons with non-domicile status, also known as non-doms, pay no tax on earnings made outside Britain.
The report said that Mittal is the world's fifth wealthiest man, worth more than 19 billion pounds, but is thought to pay a modest amount of tax to Britain.
"His massive dividend payout came from ArcelorMittal, the world's biggest steel group, which is based in the tax haven of Luxembourg," it noted.
The dividend is related to Mittal's holding of about 43 per cent in ArcelorMittal.
"Britain's richest man is 393.9 million pounds better off today after paying himself a huge dividend from his company, safe in the knowledge that as a "non-dom", he will not pay tax on it here," a Daily Mail report said.
Persons with non-domicile status, also known as non-doms, pay no tax on earnings made outside Britain.
The report said that Mittal is the world's fifth wealthiest man, worth more than 19 billion pounds, but is thought to pay a modest amount of tax to Britain.
"His massive dividend payout came from ArcelorMittal, the world's biggest steel group, which is based in the tax haven of Luxembourg," it noted.
The dividend is related to Mittal's holding of about 43 per cent in ArcelorMittal.
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ArcelorMittal said it had shipped 110 million tonne of steel during the year, virtually the same as in 2006, and had slowly reduced this to meet slowing demand especially in North America. Net earnings in the final quarter were flat, at $2.4 billion, compared to the last three months of 2006.
Of the 35 acquisitions in the year, with a focus on emerging markets in China, Argentina, Brazil, china, Costa Rica, Egypt, Mexico and Poland, 14 were completed with a capital outlay of $12.3 billion.
World's largest steel maker ArcelorMittal yesterday posted a net profit of $2.44 billion for the fourth quarter ended December 31, 2007, a 2.69 per cent growth over the corresponding period a year ago.
A slowdown is meanwhile foreseen in output in China, the world's largest producer, which should favor price stability, according to Arcelor.
The company hopes to return 3.1 billion dollars to shareholders this year, down from 4.4 billion in 2007.
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Investment should increase to 7.0 billion dollars in 2008 from 5.4 billion in 2007.
ArecelorMittal's net debt came to 22.5 billion dollars at the end of 2007, with a debt to underlying earnings ratio of one to two after one to one at the end of September.
The company had a net profit of $2.37 billion in the year-ago period. The sales of the firm rose 20.64 per cent to 27.99 billion dollars in the latest quarter from $23.20 billion in the same period a year ago.
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