Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 329

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 329
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 tax deductions, in respect of amounts accruedand payable in the future.Management regularly re-evaluates the likely outcomes from the dispute based on the progress of the arbitration proceedings, legal advice,and discussions with the Government of Mongolia. In 2024, we have recorded a provision ofUS$295millionfor uncertain tax positionsreflecting our best estimate of the likely outcome from the dispute. It is possible that the outcome of these proceedings could result in achange in our estimated exposure in respect of the matters under dispute and therefore a material revision to this provision in future periods.Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the recovery of certaindeferred tax assets, further details of which are provided in note 15. |

| Annual Report on Form 20-F 2024 | 181 | riotinto.com |

Financial statements | Notes to the consolidated financial statements

10 Taxation continued Taxation charge

|                       | Note | 2024US$m | 2023US$m | 2022US$m |
| –Current              |      |    4,434 |    5,092 |    4,851 |
| –Deferred             |   15 |     -393 |   -1,260 |      763 |
| Total taxation charge |      |    4,041 |    3,832 |    5,614 |

Prima facie tax reconciliation

|                                                                                       | 2024US$m | 2023US$m | 2022US$m |
| Profit before taxation(a)                                                             |   15,615 |   13,785 |   18,662 |
| Prima facie tax payable at UK rate of25.0%(2023:23.5%;2022:19%)(b)                    |    3,904 |    3,239 |    3,546 |
| Higher rate of taxation of30%on Australian earnings (2023:30%;2022:30%)               |      613 |      835 |    1,550 |
| Other tax rates applicable outside the UK and Australia                               |     -303 |       -2 |      -17 |
| Tax effect of profit from equity accounted units, related impairments and expenses(a) |     -210 |     -159 |     -109 |
| Impact of changes in tax rates                                                        |      -15 |     -173 |      -11 |
| Resource depletion allowances                                                         |      -10 |