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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
08/24/201517:37:00ADRs End Lower; Chinese, Commodities Firms Decline
08/24/201504:20:00Turbo Power Systems to Get New Parent; Strategic Review Continues
08/14/201513:02:52Report of Foreign Issuer (6-k)
08/13/201510:50:37Vale to Investigate Nitrous Oxide Leak at Northern Ontario Nickel...
08/11/201517:50:53ADRs End Lower; Miners, Steelmakers Among Decliners
08/06/201506:04:45Report of Foreign Issuer (6-k)
08/05/201516:30:55Report of Foreign Issuer (6-k)
07/30/201510:11:19Brazil's Vale Posts $1.68 Billion Profit--3rd Update
07/30/201510:09:35Report of Foreign Issuer (6-k)
07/30/201510:09:09Report of Foreign Issuer (6-k)
07/30/201509:43:36Brazil's Vale Sells Minority Stake In MBR For BRL4 Billion
07/30/201508:33:59Brazil's Vale Posts $1.68 Billion Profit--2nd Update
07/30/201508:07:09Report of Foreign Issuer (6-k)
07/30/201507:38:05Brazil's Vale Posts $1.68 Billion Profit--Update
07/30/201506:59:15Report of Foreign Issuer (6-k)
07/30/201506:09:27Report of Foreign Issuer (6-k)
07/30/201506:09:26Report of Foreign Issuer (6-k)
07/30/201506:09:06Brazil's Vale 2Q Net Profit Up 17.3% to $1.68 Billion
07/29/201509:25:00Signing of Memorandum to Trigger Business Expansion - Report...
07/23/201511:31:37Report of Foreign Issuer (6-k)

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