Rio Tinto Gets Additional A$447 Million Tax Bill
05 April 2017 - 10:00PM
Dow Jones News
By Tapan Panchal
LONDON--Rio Tinto PLC (RIO.LN) said Wednesday that it has been
handed a 447 million Australian dollars ($340.19 million)
additional tax bill by authorities in Australia due to a pricing
dispute between two of it entities.
The mining giant said it will be required to pay tax of A$379
million plus A$68 million interest payment for the calendar years
2010 to 2013. The payment is in addition to the $A25.5 billion of
taxes and royalties Rio Tinto paid in Australia during the same
four-year period.
Rio Tinto said the amended tax assessments relate to a pricing
dispute of certain transactions between the company's Australian
and Singapore entities. The tax assessments do not relate to any
tax avoidance schemes, the company added.
The company intends to challenge the amended tax assessments,
but will pay 50% of the total amount to the Australian Tax Office
this month. It also will seek double taxation relief in accordance
with the Australia-Singapore double tax treaty.
London listed shares of Rio Tinto at 1112 GMT trading 0.6%
higher at 3,285 pence.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
April 05, 2017 07:45 ET (11:45 GMT)
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