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Wednesday, December 28, 2011 10:11:13 AM
[For archival purposes—this story is from 11/30/11.]
http://www.reuters.com/article/2011/11/30/vale-tax-idUSN1E7AT0BJ20111130
›SAO PAULO, Nov 30 (Reuters) - A Brazilian court upheld a ruling requiring mining company Vale to pay 25 billion reais ($14 billion) in back taxes on overseas profits, raising the risk of double taxation on Brazilian companies' foreign earnings.
The ruling by the 2nd Federal Regional Tribunal, an appeals court, follows a lower court decision ordering the foreign units of local companies to pay income tax in Brazil even if those units pay taxes where they are based.
Vale says the ruling amounts to double taxation, which is banned by Brazil's Constitution.
The finance ministry, which has been pursuing the case for eight years, said the appeals court ruling sets a precedent and removes grounds for a successful appeal.
Vale said in a market filing in response to the decision, "The mater of foreign profits has not been defined yet, and it will still be subject to appeal to the Superior Court of Justice and to the Supreme Court of Justice."
Vale said it was considering its legal options and that the appeals court decision has "no immediate economic and financial impact" on the company.
If the decision is upheld, it could open the door to cases against other Brazil-based companies that have tax liabilities on foreign earnings. It could also mean Vale faces past tax liability to the government greater than the company's first-half profit of 21.6 billion reais.‹
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