Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 331

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 331
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 2023 and 2022, recognition of previously unrecognised deferred tax assets relates primarily to Oyu Tolgoi where

reaching sustainable underground production has reduced the risk of tax losses expiring if not recovered against taxable profits within 8 years.

(d) In 2024, the write-down of previously recognised deferred tax assets primarily relates to our Australian aluminium business. In 2022, the write-down of previously recognised deferred tax

assets relates to deferred tax assets of our US businesses following the introduction of a Corporate Alternative Minimum Tax (CAMT) regime .

(e) Unrecognised current year operating losses include tax losses around the Group, including increases in closure estimates in 2024 and 2023, for which no tax benefit is currently recognised

due to uncertainty regarding whether suitable taxable profits will be earned in future to obtain value for the tax losses.

(f) The uncertain tax provision of US$ 295million in 2024 represents amounts provided in relation to disputes with the Mongolian Tax Authority for which the timing of resolution and potential

economic outflow are uncertain. Further information is included in the ‘ Other relevant judgements - uncertain tax positions ’ section of this note above.

(g) In 2023, the Canadian aluminium business completed an internal sale of assets which resulted in the utilisation of previously unrecognised capital losses and an uplift in the tax depreciable

value of assets on which a deferred tax asset of US$ 364million was recognised.

(h) In 2022, adjustments in respect of prior periods includes amounts related to the settlement of all tax disputes with the Australian Tax Office for the years 2010 to 2021.

(i) In 2024, “ Other items” includes US$ 1million current tax expense related to Pillar Two measures.

Tax related to components of other comprehensive income

|                                                                                                   | 2024US$m | 2023US$m | 2022US$m |
| Tax(charge)/crediton fair value movements                                                         |      -10 |        1 |       21 |
| Tax(charge)/crediton remeasurement gains/(losses) on pension and post-retirement healthcare plans |      -22 |      152 |     -123 |
| Deferred tax relating to components of other comprehensive income for the year (note 15)          |      -32 |      153 |     -102 |

| Annual Report on Form 20-F 2024 | 182 | riotinto.com |

Financial statements | Notes to