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 […]

About the author: StockMan
Tell us something about yourself.
Posting Guidelines
Do
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!

Comments

No comments yet