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Brazil Vale Presents BRL1.7Bln Debt Guarantee To Federal Tax Office

RIO DE JANEIRO -(Dow Jones)- Brazilian mining company Vale SA (VALE, VALE5.BR) said Friday it has presented a letter of guarantee, or bond, worth 1.7 billion Brazilian reais ($902 million), to Brazil's federal tax authority. The bond, presented in accordance with a court ruling, covers a claim for supposed taxes due on income of Vale's non-Brazilian subsidiaries and affiliates abroad, for the period 1996 through 2002, Vale said in a statement. Vale noted that a Brazilian High Court of Justice ruling currently bars any administrative or judicial measure for the collection of claims related to foreign profits. However, the tax authority, in disregard of the content and scope of that decision, sought an order requiring a bond, which was granted by a court, Vale said. Vale has provided the bond in compliance with that court's determination, it said in the statement. The posting of the bond doesn't represent a defeat for Vale in the judicial proceedings, the mining company said. "Vale remains confident in its positions and will continue to pursue all appropriate legal actions until a final decision on the merits is reached," the company said. Vale is currently being pressed for tax claims totaling more than $20 billion at the Brazilian federal and state levels and from abroad, according to recently published company data. Of this total, the mining company is being charged $16.3 billion by Brazil's federal government for taxes on the profits of its overseas subsidiaries, according to its 2011 annual 20-F report. The constitutionality of Brazil's tax claims against companies' overseas subsidiaries is being challenged in court action brought by Brazil's industries confederation CNI. -By Diana Kinch, Dow Jones Newswires; 55 21 2586 6086; diana.kinch@dowjones.com

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
02/05/201611:01:51UPCOMING DEADLINE: Levi & Korsinsky, LLP Reminds Shareholders...
02/05/201606:25:25Report of Foreign Issuer (6-k)
02/04/201618:36:00February 5 Deadline Alert: Law Offices of Howard G. Smith Reminds...
02/04/201610:20:00Glencore's Credit Rating Cut to Just Above Junk
02/03/201615:33:00UPCOMING DEADLINE: Levi & Korsinsky, LLP Notifies Shareholders...
02/02/201617:55:00February 5 Deadline Alert: Glancy Prongay & Murray LLP Reminds...
02/01/201610:30:00February 5 Deadline Alert: The Law Offices of Howard G. Smith...
02/01/201609:00:00Bottini & Bottini, Inc. Files Securities Class Action Lawsuit...
02/01/201606:16:41Report of Foreign Issuer (6-k)
01/29/201613:12:00S&P Downgrades Brazil Miner Vale--Update
01/29/201613:09:00Brazil's Vale Scraps Dividend in Face of Metals Slump--Update
01/29/201612:54:00S&P Downgrades Brazil Miner Vale
01/29/201611:45:00February 5 Deadline Alert: GPM Announces the Filing of a Securities...
01/29/201606:00:00Brazil's Vale Set to Scrap Dividend
01/29/201604:50:00Brazil's Vale Scraps Dividend in Face of Metals Slump
01/28/201617:21:29Report of Foreign Issuer (6-k)
01/27/201617:02:00SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders...
01/27/201616:10:00Remains of Samarco's Collapsed Dam Unstable Because of Heavy...
01/26/201608:17:49Report of Foreign Issuer (6-k)
01/25/201620:02:00Vale Cleared to Reopen Tubarão Port

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