Glencore Wins Copper-Price Dispute With Australian Tax Office
September 03 2019 - 12:53AM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Glencore PLC (GLEN.LN) has won a legal dispute with
Australian tax officials over the price it paid to buy copper from
one of its mines in New South Wales state.
Australia's tax commissioner had raised Glencore's annual tax
assessments for 2007 to 2009 by a combined 92.6 million Australian
dollars (US$62.2 million) including interest charges, alleging that
the Switzerland-based company failed to pay market rates for copper
concentrate purchased from its CSA mine in Cobar.
However, the country's Federal Court on Tuesday ruled that the
price Glencore paid its subsidiary, Cobar Management Pty, for the
commodity "fell within the range of consideration that might
reasonably be expected to be paid."
Glencore said it welcomed the decision. A spokesman for the
Australian Taxation Office didn't immediately comment.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
September 03, 2019 00:38 ET (04:38 GMT)
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