Photo by: Bloomberg
PERTH (miningweekly.com) – Mining major Rio Tinto has revealed that it paid some $4-billion in taxes and royalties globally in 2016, and contributed more than $35-billion directly to economies in host communities.
Some $2.9-billion of the taxes and royalties were paid in Australia, with a further $249-million paid in Canada, $215-million in Mongolia, $205-million in Chile, $102-million in the US and $100-million in South Africa.
“Rio Tinto is a major contributor to society and we are proud of the economic activity and wealth we generate through taxes, royalties, employee wages, payments to suppliers and investment in communities,” said CFO Chris Lynch on Monday.
He noted that corporate income tax remained the largest component of Rio’s tax payments around the world, followed by government royalties, employment payroll taxes and other taxes.
Rio was recently issued with a A$447-million tax bill from the Australian Commissioner of Taxation for the calendar years 2010 to 2013, following an amended assessment.
The miner has vowed to challenge the assessment.