Plus   Neg

Rio Tinto To Pay 50% Of Primary Tax Up-front - Quick Facts

The Australian Taxation Office has issued Rio Tinto Limited with amended assessments of US$279.8 million primary tax and US$36.7 million of interest. It is in addition to the more than US$6.4 billion 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.

The company said it is confident of its position and will dispute the assessments. It will pay 50% of the primary tax up-front as part of the objections process.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Inter-American Development Bank and Citi Innovation Labs have successfully completed a proof-of-concept to make cross-border payments from the U.S. to countries in Latin America and the Caribbean, using blockchain and tokenized money. The platform provided full traceability of the transactions, exchange rates, and fees on blockchain. Australian competition regulator said the country's Federal Court found that Google and its Australian arm misled users about the collection and use of personal location data. The data was collected through Android mobile devices between January 2017 and December 2018. This is said to be the world-first enforcement action brought by the Australian Competition and Consumer Commission or ACCC. Morgan Stanley (MS) reported a first-quarter profit that more than doubled from last year, reflecting strong performance across all of its business segment. Net revenues for the quarter grew 61 percent from the previous year. Quarterly adjusted earnings per share beat analysts' estimates.
Follow RTT