Rio Tinto will hand over $1 billion in unpaid taxes after an ATO investigation, in one of the largest settlements in Australian tax history.
Multinational mining giant Rio Tinto has settled a decade-long tax dispute with the Australian Taxation Office, handing over almost $1 billion in unpaid taxes after an investigation of its Singapore marketing hub.
The company will pay an additional $613 million for unpaid tax between 2010 and 2021, on top of $378 million it has paid back on amended assessments issued by the ATO, including interest and penalties. ATO Deputy Commissioner Rebecca Saint said importantly the settlement locks in future tax flows to Australia going forward.
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