Rio Tinto statement on amended assessments
March 02 2021 - 12:56AM
Business Wire
The Australian Taxation Office (ATO) has issued Rio Tinto
Limited with amended assessments of A$359.4m (US$279.8m) primary
tax and A$47.1m (US$36.7m) of interest. This is in addition to the
more than A$8.4bn (US$6.4bn) of Australian income tax paid during
the relevant period. The assessments relate to the denial of
interest deductions on an isolated borrowing used to pay an
intragroup dividend in 2015. This borrowing was repaid in 2018.
Borrowing to fund the payment of a dividend is a normal commercial
practice. Rio Tinto is confident of its position and will dispute
the assessments. In accordance with the usual practice Rio Tinto
will pay 50% of the primary tax up-front as part of the objections
process.
This announcement is authorised for release to the market by Rio
Tinto’s Group Company Secretary.
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