Brazilian miner Vale has been freed from paying taxes on profits made overseas, according to a Reuters report. This is expected to provide an opportunity for Vale to demand a $10 billion refund on a settlement payment.
According to media reports, Vale always claimed that it had already paid taxes on its profits abroad and should be exempt from taxes in Brazil. In April, Brazil's Superior Justice Tribunal, the last court of appeal before the Supreme Court, ruled in favor of Vale regarding foreign taxes.
As SteelOrbis previously reported, in November 2013 Vale agreed to pay R$22.3 billion ($9.9 billion) to the Brazilian government to settle a 10 year-long tax dispute.