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Glencore in $680 million Transfer Pricing Dispute with HMRC

In a publication of preliminary results for 2018 mining giant Glencore reports a major tax assessment issued by HMRC in December 2018.

UK Tax Audit
In December 2018, HMRC issued formal transfer pricing, permanent establishment and diverted profits tax assessments for the 2008 –
2017 tax years, amounting to $680 million. The Group intends to appeal and vigorously contest these assessments, following, over the
years, various legal opinions received and detailed analysis conducted, supporting its positions and policies applied, and therefore the
Group has not provided for the amount assessed. Management does not anticipate a significant risk of material changes in estimates
in this matter in the next financial year.

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