Vale S.A. : Vale S.A. : Vale settles tax issues with Swiss authorities
Rio de Janeiro, December 19, 2012 - Vale S.A. (Vale) informs that its
wholly-owned subsidiary Vale International (ValeI), based in St. Prex, Canton
of Vaud, Switzerland, has resolved its tax dispute with the Swiss federal
The tax dispute was related to the federal tax holiday granted to ValeI in
2006 and the differences in its interpretation.
Vale decided to clear the dispute and will pay the additional taxes claimed by
the Swiss federal authorities for a total of CHF 212 million. Vale has made a
provision of US$ 37 million and the difference will impact our income
statement in the fourth quarter of 2012. Payment will be made in installments,
starting in January 2013, with the last one taking place in 2015.
At the same time, the federal and cantonal tax exemptions to ValeI were
renewed until 2015 as we will continue to meet the conditions determined for
employment, investment in real estate and cooperation with Swiss universities.
For further information, please contact:
Roberto Castello Branco: email@example.com
Viktor Moszkowicz: firstname.lastname@example.org
Carla Albano Miller: email@example.com
Andrea Gutman: firstname.lastname@example.org
Christian Perlingiere: email@example.com
Marcelo Correa: firstname.lastname@example.org
Marcio Loures Penna: email@example.com
Rafael Rondinelli: firstname.lastname@example.org
Samantha Pons: email@example.com
This press release may include statements that present Vale's expectations
about future events or results. All statements, when based upon expectations
about the future and not on historical facts, involve various risks and
uncertainties. Vale cannot guarantee that such statements will prove correct.
These risks and uncertainties include factors related to the following: (a)
the countries where we operate, especially Brazil and Canada; (b) the global
economy; (c) the capital markets; (d) the mining and metals prices and their
dependence on global industrial production, which is cyclical by nature; and
(e) global competition in the markets in which Vale operates. To obtain
further information on factors that may lead to results different from those
forecast by Vale, please consult the reports Vale files with the U.S.
Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores
Mobiliários (CVM), the French Autorité des Marchés Financiers (AMF), and The
Stock Exchange of Hong Kong Limited, and in particular the factors discussed
under "Forward-Looking Statements" and "Risk Factors" in Vale's annual report
on Form 20-F.
Vale settles tax issues with Swiss authorities
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information contained therein.
Source: Vale S.A. via Thomson Reuters ONE
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