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  "notes": "Uses a comparison of tax savings vs. value destruction to frame the DLC as a net negative.",
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      "text": "The true cost of unification – c.US$140 million per year in additional Singapore-related taxes being attributed to Australia",
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      "text": "Rio Tinto's Singapore-based marketing entity is a wholly owned (100%) subsidiary of Plc. The structure allows Rio Tinto to benefit from a tax saving related to its sales of Australia-sourced commodities to third-party customers, principally in Asia.",
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      "text": "US$50bn Value destroyed by the DLC",
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      "text": "Source: Company filings, Palliser analysis. (1) Calculated from FY 2005-2023 as Singapore subsidiaries were not material prior. (2) Palliser estimates based on company filings and third-party analysis.",
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      "text": "Any Perceived Tax Benefits of Rio's Singapore-Based Marketing Structure are Small and Have Diminished Further Over Time",
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