Vale To Pay BRL22.3bn Back Tax


News: Brazilian mining company Vale will pay BRL22.3bn (US$9.61bn) to the Brazilian government as back taxes on profit earned from its overseas operations, reports Reuters. The company has agreed to pay the tax after accepting an offer from the Brazilian government that cuts Vale's disputed back-tax bill by 50%. Vale will pay the amount over a period of 15 years and is required to pay BRL5.965bn (US$2.6bn) in November. The company will pay the remaining amount in 179 monthly payments.

This article is tagged to:
Sector: Mining
Geography: Brazil