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MELBOURNE -(Dow Jones)- BHP Billiton Ltd.'s (BHP) chairman has cautioned countries reviewing tax regimes amid a boom in demand for commodities against damaging the competitiveness of resources companies. Jacques Nasser in BHP's annual report released Wednesday said the Anglo-Australian mining giant paid US$ 12.3 billion in taxes and royalties to governments in the last financial year. "While we recognize it is appropriate for countries to periodically review tax law, we also believe any change should ensure the resources sector remains globally competitive," he said. Nasser said the industry's ongoing investment in jobs, skills, growth and other areas of the economy should be recognized. A number of countries around the world are considering changes in taxes or royalty payments on mined metals and minerals to grab a bigger chunk of booming profits, driven in large part by demand for iron ore, steelmaking coal and other commodities in China and other industrializing nations. Peru's government has presented a bill to congress that would introduce a new royalties system and windfall profits tax. Australia will impose a 30% tax on iron ore and coal from next year, while two states in the country have proposed increasing mining royalties. BHP recorded a record net profit of US$ 23.65 billion in the year to June 30, up 86% on the prior year. Copyright © 2011 Dow Jones Newswires