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Rio Tinto to pursue international tax arbitration in Mongolia dispute

Christian Fernsby ▼ | February 21, 2020
Rio Tinto announces that Oyu Tolgoi has initiated a formal international arbitration process to seek a definitive resolution with regard to a dispute with the Mongolian Tax Authority (MTA), concerning taxes paid by Oyu Tolgoi between 2013 and 2015.
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The dispute resolution provisions set out in the 2009 Investment Agreement (IA) and the 2015 Underground Mine Development and Financing Plan with the Government of Mongolia call for arbitration under the United Nations Commission on International Trade Law (UNCITRAL) arbitration rules, to be heard in London before a panel of three arbitrators.

Topics: Rio Tinto tax Mongolia

On 16 January, 2018, Oyu Tolgoi received a tax assessment for approximately $155 million from the MTA relating to an audit on taxes imposed and paid by Oyu Tolgoi between 2013 and 2015. In January 2018, Oyu Tolgoi paid an amount of $4.8 million to settle unpaid taxes, fines and penalties for accepted items.