Brazil's Vale gives up on part of its foreign unit tax dispute

Reuters

SAO PAULO, Dec 23 (Reuters) - Vale SA, the world's largest iron ore producer, agreed on Monday not to seek legal compensation for back taxes it is paying to the government on profit from overseas operations between 2003 and 2012.

The Brazilian company will, however, continue to dispute potential liabilities incurred between 1996 and 2002 as well as in 2013, according to a securities filing.

Last month, Vale agreed to pay 22.33 billion reais ($9.6 billion) in back taxes to the government on profit from overseas operations.

View Comments (0)