Rio Tinto warns on regulation

Mining giant Rio Tinto said it paid $US7.5 billion ($A8.3bn) of taxes globally in 2013, but is concerned about the compliance costs associated with new regulation.

The miner said it paid the majority of its taxes in Australia, totalling $US5.7bn, followed by $US523 million in Canada and $US380m in Chile.

In addition, Rio Tinto paid $US1.9bn of taxes on behalf of employees, although corporate income tax was the largest component of its payments, followed by government royalties, employer payroll taxes and other taxes.

The miner's chief financial officer Chris Lynch said the group was an advocate for global tax transparency, publishing its report on taxes paid for the fourth year.

"However, 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," Mr Lynch said.

"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."

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