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EYEBROW

29 September 2017
Test edition
Test edition

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EYEBROW

26 September 2017

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Finance > Regulation

"Glencore complies with its tax obligations"

Diversified miner and commodities trader Glencore is in the spotlight after being named in the Paradise Papers and is also understood to be facing an Australian tax bill of more than A$100 million (US$77 million).

Staff reporter

Finance > Regulation

"Glencore complies with its tax obligations"

Diversified miner and commodities trader Glencore is in the spotlight after being named in the Paradise Papers and is also understood to be facing an Australian tax bill of more than A$100 million (US$77 million).

Staff reporter

"Glencore complies with its tax obligations"

Glencore's oveseas dealings have been scrutinised in the Paradise Papers

The leaked Paradise Papers have outlined Glencore's loan to an entity affiliated with Israeli businessman Dan Gertler while he was mandated to negotiate mining permits in the Democratic Republic of Congo.

In response to the International Consortium of Investigative Journalists investigating the Paradise Papers, Glencore said the loan had been made on commercial terms negotiated at arm's length and had been repaid in full.

The company added it had paid US$4 billion in taxes and royalties to host governments in 2016.

"Glencore complies with its tax obligations in line with the laws and regulations in the countries and territories in which we operate," the company said in a statement yesterday.

Meanwhile, The Australian newspaper reports Glencore faces an Australian tax bill of more than A$100 million, as it tried to simplify an unwieldy corporate structure following a wave of acquisitions.

The company told the paper it had detailed engagement with the Australian Tax Office over all aspects of its corporate simplification process, including those steps involving Bermudan entities.

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