Rio Tinto paid less tax last year but warns of higher costs ahead
RIO TINTO paid 19 per cent less tax in 2013, but warned that new regulations would raise future costs.
In its latest annual tax report published late on Sunday, the FTSE 100 mining giant said it paid $7.5bn (£4.5bn) of taxes in 2013, $5.7bn of which were paid in Australia.
This was a 19 per cent decrease on 2012, which the company said reflected the timing of instalment payments on corporate income tax.
“Rio Tinto 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,” said chief financial officer Chris Lynch. “A multitude of different reporting formats is unlikely to result in greater clarity and will impose additional costs upon companies, with little or no public benefit.”