Brazilian miner Vale has announced that it has agreed to pay R$22.3 billion ($9.6 billion) to the Brazilian government to settle a 10-year long dispute over back taxes. The company said it will pay the amount on the revenues from its overseas subsidiaries.
Vale said that it will pay R$5.97 billion at the end of this month and the remaining R$16.36 billion will be paid in monthly installments for the next 15 years.
Source:
http://www.steelorbis.com/steel-news/latest-news/vale-to-pay-97-billion-to-settle-tax-dispute-798042.htm
