date:Aug 19, 2014
result of tax credits resulting from the 2006 restructuring of Venbo Comercio de Alimentos Ltda (Venbo.) The tax authorities assert that the restructuring constituted abusive tax planning, and had in 2013 assessed a fine of R$17 million for the years 2007 and 2008.
The company has filed an administrative appeal against each penalty, which believes will take two to three years to resolve. However, there can be no assurance that the company will prevail and that these tax assessments will not ha