Rio Tinto pays $7.5bn in taxes, warns on new compliance costs
PERTH (miningweekly.com) – Despite reporting a 29% decline in its tax payments in 2013, compared with the previous financial year, mining giant Rio Tinto has expressed its concern about compliance costs associated with the proliferation of new regulatory initiatives around tax reporting.
The diversified miner on Monday reported that it had paid about $7.5-billion in global taxes during 2013, down from the $9.7-billion paid in 2012, which the company said reflected the timing of instalment payments on corporate income tax.
The majority of the company’s global taxation was paid in Australia, which accounted for some $5.7-billion, while $523-million in taxation was paid to the Canadian government, a further $380-million in Chile, $220-million in Mongolia, $217-million in the US and $167-million in South Africa.
“Our tax strategy and payments are central to our approach to achieving sustainable development for the long term as a business, as a sector and as a global corporate citizen,” said Rio CFO Chris Lynch on Monday.
He noted that Rio’s latest taxation report demonstrated the company’s contribution to public finances in the countries in which it operated.
“However, Rio is concerned about additional compliance costs associated with the proliferation of new regulatory initiatives around worldwide tax reporting that have recently been introduced, or are under consideration, by various governments,” Lynch said.
He called on governments to adequately consider and test new tax initiatives in order to avoid imposing significant additional compliance and reporting burdens on the resources industry.
“A multitude of different reporting formats was unlikely to result in greater clarity and would impose additional costs upon companies, with little or no public benefit,” Lynch said.
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