Rio Tinto To Dispute Primary Tax And Penalty Assessments

Rio Tinto Limited (RTPPF.PK,RIO.L,RIO,RTNTF.PK) issued a statement on penalty assessment by the Australian Taxation Office in connection with an isolated borrowing used to pay an intragroup dividend in 2015. The latest assessments levy penalties of A$352 million and reduces the original interest assessment to A$27 million from A$47 million. In March, the ATO issued the company with amended assessments related to the denial of interest deductions.

Rio Tinto said it will dispute the primary tax and penalty assessments. Penalties and interest are not required to be paid until the primary tax matter is resolved, the company noted.

The company has paid 50% of the primary tax up-front.

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