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Brazil Vale 'Absolutely Confident' It Won't Need To Put Up Tax Guarantees

RIO DE JANEIRO -(Dow Jones)- Brazilian mining company Vale SA (VALE, VALE5.BR) is "absolutely confident" it won't be required by Brazilian judges to put up guarantees in a tax dispute with the country's federal tax office over payment of taxes on its foreign subsidiaries' profits, Vale's chief executive Murilo Ferreira said Friday. The judges who may be involved "understand the dimension of our operations," Ferreira told reporters in Rio de Janeiro. "However, if it's really necessary to put up guarantees we do have assets" (to allow us to do this), he said. Brazil's federal and state governments are claiming a total of around $20 billion from Vale in taxes in a series of disputes. Most of this is tax the federal tax office says is due on profits from overseas subsidiaries over a number of years. The constitutionality of Brazil's tax claims against Brazilian companies' overseas subsidiaries is being challenged in court action brought by Brazil's industries confederation CNI. -By Diana Kinch, Dow Jones Newswires, Tel: 55 21 7564 4495. [email protected]

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
02/25/201703:02:00Vale's CEO to Exit Amid Political Pressure -- WSJ
02/24/201717:04:18Report of Foreign Issuer (6-k)
02/24/201716:52:00ADRs End Lower; Baidu, Grana y Montero Trade Actively
02/24/201713:09:06Report of Foreign Issuer (6-k)
02/24/201713:07:00Vale CEO Murilo Ferreira to Step Down in May -- 2nd Update
02/24/201710:39:00Correction to Vale CEO Story
02/24/201709:49:00Vale CEO Murilo Ferreira to Step Down in May -- Update
02/24/201708:51:00Vale CEO Murilo Ferreira to Step Down in May
02/23/201715:34:00Vale Dusts Off Crystal Ball, Sees $70-$75 'Floor' for Iron Ore
02/23/201708:10:47Report of Foreign Issuer (6-k)
02/23/201708:10:27Report of Foreign Issuer (6-k)
02/23/201708:10:27Report of Foreign Issuer (6-k)
02/23/201708:10:26Report of Foreign Issuer (6-k)
02/23/201708:05:36Report of Foreign Issuer (6-k)
02/23/201708:05:30Report of Foreign Issuer (6-k)
02/23/201708:04:08Report of Foreign Issuer (6-k)
02/23/201706:18:00Brazil's Vale Climbs Back to Profit on Rising Commodity Prices...
02/23/201705:12:00Brazil's Vale Climbs Back to Profit on Rising Commodity Prices
02/21/201713:03:50Report of Foreign Issuer (6-k)
02/21/201706:09:52Written Communication Relating to an Issuer or Third Party (sc...

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