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Glencore denies media claim it avoided Australia taxes

  • Glencore (GLCNF, GLNCY) denies claims by an Australian newspaper that its coal division had paid no taxes in Australia in the past three years on income of A$15B ($14.10B).
  • The Sydney Morning Herald reported that Glencore 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.
  • Glencore calls the claim that no income tax was paid over the last three years "preposterous."
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