Tuesday, 19 July 2022

Rio Tinto reached an agreement with the ATO (Australian Tax Office) resolving a disagreement on interest used to pay an intra-group dividend in 2015; as well as the pricing of certain marketing transactions between Rio Tinto entities based in Australia and Singapore from 2010-2021. Another agreement was reached, by Rio Tinto, with the IRAS (the Inland Revenue Authority of Singapore) in relation to transfer pricing related to the same periods. This agreement includes a settlement payment to the ATO for additional tax of A$613m, in addition to the A$378m of tax paid in respect of the original amended assessments.