Glencore Wins $62.6M Dispute With Australia's Tax Authority

By Joseph Boris (September 3, 2019, 7:43 PM EDT) -- Mining giant Glencore won a $62.6 million dispute with Australia's tax authority when an Australian court ruled Tuesday that the company had paid the correct amount of tax on purchases of copper concentrate from a mine it owns in the country.

The Federal Court of Australia found that Glencore had established that the price it paid for the copper bought from its CSA mine in New South Wales in 2007, 2008 and 2009 was "within an arm's-length range." The Australian Taxation Office had argued that Glencore's Swiss head office failed to pay market rates for the copper, and raised its assessment...

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