Australia’s biggest iron ore miner has agreed to one of the largest tax settlements in the country’s history.
Rio Tinto, the nation’s top iron ore miner, has brought to an end its long-running disputes with the Australian Tax Office by agreeing to one of the largest tax settlements in the country’s history.
Australian Tax Office Deputy Commissioner Rebecca Saint said the agreements brought Rio Tinto’s total payments related to the disputes to almost $1 billion, ranking as “one of the largest settlements in Australia’s tax history”.“The resolution of these matters means that ordinary Australians can have confidence that even the biggest companies are held to account to pay their tax due.”
Top iron ore miners, BHP and Rio Tinto, have been under scrutiny for years by the ATO’s tax avoidance taskforce amid concerns they have been using Singapore-based marketing businesses to buy commodities from their Australian mining operations and on-selling them to customers at higher prices.BHP settled with the ATO in 2018, and agreed to change the ownership structure of its Singapore marketing hub.
In a statement on Wednesday, Rio Tinto said it had separately reached a deal with Singapore’s Inland Revenue Authority to ensure the company was not subject to double taxation.
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