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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.

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