Tax disclosure

Rio Tinto publishes details of its US$11.6 billion global tax

Rio Tinto publishes details of its US$11.6 billion global tax
Rio Tinto.jpg

Rio Tinto has published its latest Taxes Paid report which details the US$11.6 billion of taxes the company paid globally in 2012.

The voluntary report shows the details of all individual payments over US$1 million made to governments in the countries where Rio Tinto operates.

Most of the taxes were paid in Australia, with more than US$8.9 billion outlaid to all levels of Australian governments last year. Canada (US$1 billion), United States (US$376 million), Chile (US$331 million), Mongolia (US$280 million), United Kingdom (US$150 million), France (US$140 million) and South Africa (US$130 million) were among other governments to have received significant tax payments during the year.

Corporate income tax was the largest component of Rio Tinto's tax payments around the world, followed by government royalties and payroll tax.

Rio Tinto chief financial officer Guy Elliott said "Rio Tinto makes significant contributions to public finances in all the countries where we are doing business.

"We believe it is important to disclose this tax information because this level of transparency helps us to retain our licence to operate, promotes government accountability and plays a key role in combating corruption.

"The report demonstrates that effective disclosures can be made by businesses on a voluntary basis and Rio Tinto is committed to maintaining and improving our reporting and transparency of taxes paid around the world.

"Rio Tinto encourages governments to work together to adopt a global approach that establishes consistent disclosure requirements that promotes sound tax governance, accountability and transparency."

Rio Tinto's tax payments in Australia reaffirmed its status as the nation's largest corporate tax payer.

Rio Tinto Australia managing director David Peever said "Rio Tinto is the largest corporate tax payer in Australia and the Taxes Paid report highlights the significant financial contribution the company is making at a national and state level across the country."

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