Information  X 
Enter a valid email address

Rio Tinto (RIO)

  Print          Annual reports

Thursday 16 September, 2021

Rio Tinto

Statement on penalty assessment

RNS Number : 9797L
Rio Tinto PLC
16 September 2021
 

Statement on penalty assessment

 

On 2 March 2021 the Australian Taxation Office (ATO) issued Rio Tinto Limited with amended assessments related to the denial of interest deductions on an isolated borrowing used to pay an intragroup dividend in 2015. The borrowing was repaid in 2018.

 

The ATO has today issued further assessments in relation to the same transaction levying penalties of A$352m (US$257.9m) and reducing the original interest assessment from A$47m to A$27m (US$19.8m). 

 

Borrowing to fund the payment of a dividend is a normal commercial practice. Rio Tinto is confident of its position and will dispute the primary tax and penalty assessments. In accordance with the usual practice Rio Tinto has paid 50% of the primary tax up-front as part of the objections process. Penalties and interest are not required to be paid until the primary tax matter is resolved.

 

Rio Tinto Limited paid more than A$8.4bn (US$6.4bn) of Australian income tax during the relevant period.



 

Contacts

Please direct all enquiries to [email protected]

 

Media Relations, UK

Illtud Harri

M +44 7920 503 600

 

David Outhwaite

M +44 7787 597 493

 

Media Relations, Americas

Matthew Klar

T +1 514 608 4429

 

Investor Relations, UK

Menno Sanderse

M: +44 7825 195 178

 

David Ovington

M +44 7920 010 978

 

Clare Peever

M +44 7788 967 877

 

Media Relations, Australia

Jonathan Rose

M +61 447 028 913

 

Matt Chambers

M +61 433 525 739

 

Jesse Riseborough

M +61 436 653 412

 

Investor Relations, Australia

Natalie Worley

M +61 409 210 462

 

Amar Jambaa

M +61 472 865 948

Rio Tinto plc

6 St James's Square
London SW1Y 4AD
United Kingdom

T +44 20 7781 2000
Registered in England

No. 719885

Rio Tinto Limited

Level 7, 360 Collins Street

Melbourne 3000

Australia

 

T +61 3 9283 3333

Registered in Australia

ABN 96 004 458 404

 

This announcement is authorised for release to the market by Steve Allen, Rio Tinto's Group Company Secretary.

 

riotinto.com

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
STRDKABDABKKOCD

a d v e r t i s e m e n t