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BRIEF-Rio Tinto to pay additional tax after amended income tax assessments

Published 05/04/2017, 09:07 pm
Updated 05/04/2017, 09:10 pm
© Reuters.  BRIEF-Rio Tinto to pay additional tax after amended income tax assessments
RIO
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April 5 (Reuters) - Rio Tinto Plc RIO.L -

* Australian Commissioner Of Taxation has issued amended income tax assessments to Rio Tinto for calendar years 2010 to 2013

* Amended income tax assessments require co to pay additional tax of A$379 million plus interest of A$68 million, a total of A$447 million

* Amended assessments do not relate to any tax avoidance schemes as confirmed by Australian tax office

* Issue in dispute is pricing of certain transactions between Rio Tinto entities based in Australia and group's commercial centre in Singapore

* Considers that its pricing is in accordance with internationally recognised OECD guidelines and Australian domestic law

* Rio Tinto will challenge amended tax assessments, but will pay 50 percent of total amount to ATO this month

* Seek double taxation relief in accordance with Australia-Singapore double tax treaty.

* Transfer price in dispute is in line with an outcome agreed by ATO for years prior to 2010 Source text for Eikon: ID:nRSE6782Ba Further company coverage: RIO.L

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