Rio Tinto pays $682 million to the Treasury to settle the dispute in Australia

Sydney (Australia), July 21. Mining company Rio Tinto has announced that it has reached an agreement to pay about A$991 million (US$682.5 million, or €669 million) to settle a long-running tax dispute with the Australian Tax Office (ATO). Einglish).

The company said in a statement that the Anglo-Australian multinational has been under investigation by the ATO for nearly a decade for using Singapore, between 2010 and 2021, as a marketing hub for its products to reduce its contributions to the peripheral state treasury.

Rio Tinto and the tax authorities agreed to pay, which includes interest, to end investigations into the taxes it did not pay in exchange for the transfer of prices to the Asian country, with a lower tax rate.

The mining giant, which also reached an agreement with the Singapore tax authorities, notes that the agreement indicates that the profits it gets in the next five years from the sale of its raw materials will be announced to the Australian Treasury.

ATO Deputy Commissioner Rebecca Saint said in a separate statement that the deal represented one of the largest settlements in Australian tax history.

“Resolving these matters means ordinary Australians can trust that even the largest corporations have a responsibility to pay their taxes owed,” Saint said.

The Rio Tinto deal follows a series of tax deals the ATO has struck with multinational companies such as Google, BHP, Apple and Microsoft. EFE

wat / nc / gcf

Leave a Reply

Your email address will not be published.