The miner is paying up to settle all its Australian tax disputes, marking one of the biggest such payouts in the nation’s history.
Miner Rio Tinto is paying almost $1 billion to settle all its Australian tax disputes, marking one of the biggest such payouts in the nation’s history.and a tax deduction claim associated with financing a dividend within the company.The amount is less than the Australian Taxation Office had been seeking in total tax reassessments: $1.271 billion.
“This means that additional profits from the sale of Rio’s Australian owned commodities will be taxed in Australia in the years to come.”rival BHP in 2018 also reached a tax agreement about selling Australian commodities to BHP’s Singapore marketing businessBHP – part of the mining companies currently complaining about the Queensland government’s coal royalty hike – in that case paid $529 million about a dispute for the years 2003 to 2018.
The settlement about the transfer pricing includes Rio paying $55 million in interest and $22 million in penalties.
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