Brazil’s equivalent of the Internal Revenue Service, known as the Receita Federal, is known colloquially as “the lion” after a series of advertisements by the agency in the 1970s.

The nation’s tax collection body was depicted in the ads by a rather shifty looking beast that appeared ready to attack the presenter without warning. But the official message in the ad was the opposite – as long as you do right by the lion, i.e. pay your taxes on time and correctly, he will do right by you. Read more

If you think you’ve had a bad day, spare a thought for poor old Vale.

The Brazilian mining giant on Wednesday announced tax losses of nearly R$1bn ($483m) relating to cases in Brazil and Switzerland.

Early in the morning, Vale said it had settled a dispute with the Swiss authorities over what it called “differences in interpretation” of the federal tax breaks granted to Vale’s international business in 2006. While the company had already set aside $37m for the Swiss claim, it said it would now have to pay almost six times that amount – 212m Swiss francs ($232m). Read more