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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
07/27/201623:30:00BHP Billiton to Take $1 Billion Profit Hit From Brazil Dam Charges
07/21/201609:02:42Report of Foreign Issuer (6-k)
07/21/201608:23:00Brazil's Vale Iron Ore Output Falls in Second Quarter
07/19/201623:20:00BHP Billiton's Iron Ore Production Shows No Signs of Slowing
07/15/201606:03:08Report of Foreign Issuer (6-k)
07/12/201606:03:35Report of Foreign Issuer (6-k)
07/08/201616:41:30Report of Foreign Issuer (6-k)
07/05/201611:23:38Report of Foreign Issuer (6-k)
07/05/201611:22:40Report of Foreign Issuer (6-k)
07/01/201613:44:47Report of Foreign Issuer (6-k)
07/01/201613:43:54Report of Foreign Issuer (6-k)
06/22/201620:12:00Australia's Fortescue Deepens Debt Repayments -- Update
06/20/201609:46:20Report of Foreign Issuer (6-k)
06/16/201610:04:16Report of Foreign Issuer (6-k)
06/14/201606:02:52Report of Foreign Issuer (6-k)
06/10/201613:00:24Securities Registration (section 12(b)) (8-a12b)
06/10/201612:53:15Report of Foreign Issuer (6-k)
06/10/201603:04:00Brazil Faults BHP, Vale Venture for Dam Break -- WSJ
06/10/201600:56:00Brazil Police Say BHP, Vale Venture at Fault for Dam Disaster...
06/09/201620:26:00Brazil Police Say BHP, Vale At Fault for Dam Disaster -- 2nd...

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