Rio Tinto Hit by Amended Australian Tax Bills; Intends to Dispute
02 March 2021 - 6:57PM
Dow Jones News
By Joe Hoppe
Rio Tinto PLC said Tuesday that it has been issued with an
amended tax bill of 359.4 million Australian dollars ($279.3
million) of primary taxes and A$47.1 million of interest by the
Australian Taxation Office.
The world's second-biggest mining company by market value said
it is confident of its position and it will dispute the
assessments, and that in accordance with its usual practice it will
pay 50% of the primary tax upfront as part of the objections
process.
The assessments relate to the denial of interest deductions on
an isolated borrowing used to pay an intragroup dividend in 2015,
which was repaid in 2018, the company said.
Rio Tinto said that borrowing to fund the payment of a dividend
is a normal commercial practice.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
March 02, 2021 02:42 ET (07:42 GMT)
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