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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
04/01/201509:40:23Report of Foreign Issuer (6-k)
03/31/201509:11:46Iron Ore Miners Rio, BHP And Vale Race To The Bottom, Steel Prices...
03/27/201518:28:00Vale should sell stake in Carajas iron ore mine, analyst says
03/27/201510:36:08Petrobras Nominates Vale CEO as Its Next Chairman--Update
03/27/201510:10:48Petrobras Nominates Vale CEO as Its Next Chairman
03/27/201510:00:21Petrobras Nominates Vale CEO as Its Next Chairman
03/27/201508:04:18Why Fortescue Metals' Call For Cap On Iron Ore Production Will...
03/24/201517:40:07Brazilian Real Strengthens After S&P Ratings Decision; Shares...
03/24/201507:11:27Vale: Near-Term Prospects Remain Bleak
03/21/201508:06:014 Dangerous Dividend Stocks You Should Avoid
03/20/201517:30:54Annual and Transition Report (foreign Private Issuer) (20-f)
03/20/201509:28:25Fortescue Metals Group: Great Execution, Bad Timing
03/19/201518:30:08U.S. Probe Into Guinea Mining Could Yield Six Indictments
03/19/201508:01:08Report of Foreign Issuer (6-k)
03/19/201507:58:38Report of Foreign Issuer (6-k)
03/18/201510:28:025 Things Vale SA (ADR)âs Management Wants You to Know
03/18/201509:44:01What Is Keeping Vale Down?
03/18/201508:02:023 Value Stocks Near 52-Week Lows Worth Buying
03/17/201506:57:54Report of Foreign Issuer (6-k)
03/17/201506:07:34Why Hallgarten's Chris Ecclestone Is Staying Long In The Mining...

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