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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. diana.kinch@dowjones.com

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
04/28/201609:20:04Report of Foreign Issuer (6-k)
04/28/201608:10:00Brazil's Vale Swings to Profit
04/28/201607:18:20Report of Foreign Issuer (6-k)
04/28/201606:59:00Brazil's Vale Posts Net Profit of $1.78 Billion
04/28/201606:20:37Report of Foreign Issuer (6-k)
04/28/201606:19:25Report of Foreign Issuer (6-k)
04/28/201606:18:49Report of Foreign Issuer (6-k)
04/28/201606:05:02Report of Foreign Issuer (6-k)
04/28/201606:04:33Report of Foreign Issuer (6-k)
04/28/201606:03:53Report of Foreign Issuer (6-k)
04/26/201610:24:19Report of Foreign Issuer (6-k)
04/26/201606:11:14Report of Foreign Issuer (6-k)
04/25/201606:09:04Report of Foreign Issuer (6-k)
04/22/201617:50:00Brazilian Real Weakens as Central Bank Steps In, Shares Fall
04/22/201612:27:08Report of Foreign Issuer (6-k)
04/21/201608:52:04Report of Foreign Issuer (6-k)
04/19/201613:43:00Correction to Rio Tinto Trims Iron-Ore Production Update
04/18/201621:00:00Rio Tinto's Iron-Ore Shipments Fall Sharply
04/15/201615:50:00Brazil Assets Are Attractive as Companies Try to Cut Debt
04/13/201618:26:00ADRs End Higher; Steelmakers, Mining Companies Rise

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