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Glencore wins transfer pricing court dispute with Australian tax office

|About: Glencore plc (GLCNF)|By:, SA News Editor

Glencore (OTCPK:GLCNF, OTCPK:GLNCY) wins a dispute with the Australian Taxation Office, after a court ruled it had paid the correct amount of tax on purchases of copper concentrate from a mine the company owns in New South Wales state.

Australia's tax commissioner alleged Glencore's Swiss head office had failed to pay market rates for the copper it bought from its CSA mine during 2007-09 and raised its assessment of tax owed by A$92.6M (US$62.5M).

But the court found Glencore had established that the price it paid for the copper concentrate was "within an arm’s length range."

Glencore is still facing a $680M tax demand from the U.K. linked to transfer pricing.

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