Rio Tinto pays historic tax settlement, Kelsian walks from deal with Go-Ahead and BHP accelerates potash project

Rio Tinto pays historic tax settlement, Kelsian walks from deal with Go-Ahead and BHP accelerates potash project

Rio Tinto will pay back close to $1 billion in unpaid taxes in a historic settlement with the ATO. Mining giant Rio Tinto (ASX: RIO) has agreed to hand over almost $1 billion in unpaid taxes in what is deemed to be one of the largest tax settlements in Australian history.

Rio Tinto will pay the Australian Tax Office (ATO) an additional $613 million to settle disputes over its financing arrangements and marketing hubs in Singapore, on top of the $378 million it has already paid over the same dispute.

The miner was using Singapore as a marketing hub of products, including aluminium and iron ore in an attempt to reduce Australian tax bills, commonly referred to as ‘transfer pricing’.

Rio Tinto chief financial officer Peter Cunningham said the company is pleased to resolve the ongoing disputes and welcomes the clarity on future tax outcomes in Singapore.“Rio Tinto remains committed to our […]

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