Rio Tinto slapped with additional A$340M tax bill

|About: Rio Tinto plc (RIO)|By:, SA News Editor

Rio Tinto (RIO +0.4%) says it will challenge amended assessments issued by Australian tax authorities requiring payment of A$447M (US$340M) - A$379M plus A$68M in interest - for the 2010-13 calendar years.

The new figure is in addition to the A$25.5B of taxes and royalties the company paid in Australia during the period.

Rio says the amended tax assessments relate to a pricing dispute of certain transactions between its Australian and Singapore entities, and do not involve any tax avoidance schemes.