Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties
April 07 2021 - 5:01PM
Business Wire
Rio Tinto today released its 2020 Taxes paid: Our economic
contribution report, which shows the company made a total direct
economic contribution of $47 billion in the countries and
communities where it operates, including $8.4 billion of taxes and
royalties.
Despite the widespread challenges of COVID-19 in 2020, the
contribution was up from the previous year, when Rio Tinto made a
total direct economic contribution of $45.1 billion in the
countries and communities where it operates, including $7.6 billion
of taxes and royalties.
Most of Rio Tinto’s taxes and royalties were paid in Australia
($6.8 billion, or AUD9.8 billion, including $4.6 billion of
corporate tax), home to the largest part of Rio Tinto’s business.
The company also made significant payments in Canada ($651 million
or CAD872 million), Mongolia ($277 million), Chile ($246 million),
UK ($132 million), United States ($111 million), and South Africa
($61 million).
Rio Tinto’s $47 billion direct economic contribution in 2020
took the company’s total direct economic contribution since 2016 to
$220 billion.
Rio Tinto interim chief financial officer Peter Cunningham said
“As the COVID-19 virus threatened lives and livelihoods around the
world, our entire company mobilised to safeguard our employees,
contractors and local communities, and to keep our operations
running safely and smoothly.
“The strength and resilience of our business, along with the
commitment and flexibility of our employees, customers, communities
and host governments, enabled us to protect thousands of jobs
across our supply chain and continue to pay taxes and royalties to
governments when many other companies were forced to cut back.”
More than a decade ago, Rio Tinto was the first company in the
resources industry to voluntarily disclose its payments to
governments in detail, and has continued to report on taxes and
royalties paid, and economic contribution, in increasing detail
ever since. In the past 10 years, Rio Tinto has paid $71.5 billion
in taxes and royalties to governments around the world, including
$54.4 billion paid in Australia.
Rio Tinto is a founding member of the Extractive Industries
Transparency Initiative and a signatory to the B Team Tax
Principles, a not-for-profit initiative formed by a group of
cross-sector, cross-regional companies to help define what
leadership in responsible tax looks like.
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