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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
04/15/201417:02:39ADR Shares End Lower; Infosys, Diageo Shares Active
04/15/201413:06:06Brazil's Vale Secures Loan Package From BNDES -- Update
04/15/201410:02:19Brazil's Vale Secures BRL6.2 Billion Loan Package From BNDES
04/11/201409:43:44Brazil's CVM Authorizes IADB to Issue Debt in Local Markets
04/09/201408:44:34BSG Resources, Vale Face Loss of Guinea Licenses -- Update
04/08/201413:20:03Veolia Seeks More Revenue from Mining Industry's Water, Waste...
04/02/201418:27:45Vale Suspends Transporting Coal From Mozambique Mines -- Update
04/02/201416:55:18ADR Shares End Higher; Noah Education Shares Active
04/02/201415:58:33Vale Suspends Coal Shipments From Mozambique Mines
03/19/201412:23:43Vale Says Stock Price Pressured by China Worries
03/11/201417:21:55ADR Shares End Lower; Vale, Barclays Shares Active
03/11/201413:41:59Brazil's Petrobras Reveals BRL8.77 Billion in Tax Disputes
03/04/201417:13:52Glencore Xstrata Posts Large Loss -- 2nd Update
02/27/201414:51:43Brazil's Vale Doesn't Foresee New Debt Issuance This Year
02/27/201413:04:26Brazil's Vale Develops Green Iron Ore To Reduce China Emissions
02/27/201412:33:45Brazil's Vale Sees Ebitda In Base-Metals Division Surging
02/27/201407:21:49Falling Iron-Ore Prices Pinch Producers -- Update
02/26/201421:58:20Vale Posts Smallest Annual Profit Since Privatization -- Update
02/26/201420:30:25Brazil's Vale Posts Its Biggest Loss
02/26/201419:46:50Brazil's Vale Sees Chinese Economic Growth Gradually Slowing...

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