Glencore denies media claim it avoided Australia taxes

World News: . []

The logo of commodities trader Glencore is pictured in front of the company's headquarters in BaarGlencore, one of the world's biggest mining and trading houses, on Friday denied claims by an Australian newspaper that its coal division had paid no taxes in Australia in the past three years on income of A$15 billion ($14.10 billion). The Sydney Morning Herald reported that Glencore Plc cut its tax exposure by claiming tax breaks on expensive loans that were not necessary. Interest rates on the loans, extended by Glencore's associates overseas, were up to double what it would have had to pay banks, the newspaper said. A Glencore spokesman said the claim that no income tax was paid over the last three years was "preposterous." Glencore, which acquired fellow Swiss-based resources company Xstrata last year in a $36 billion takeover, is one of Australia's biggest producers of coal and also a major miner copper, zinc and other commodities.


Read More: LINK 

Published: .

Search for other references to "glencore" on SPi News


Share

Previous StoryNext Story

SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
 
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.
 
Privacy Policy | Terms and Conditions | Contact Us