, Singapore

Petra Foods locks horns with Brazilian authorities over massive tax claims

Its cocoa business sale is at stake.

Petra Foods is resisting tax claims from Brazilian authorities regarding the sale of its Cocoa Ingredients business to Barry Callebaut.

In an announcement to the SGX yesterday, Petra stated that Barry Callebaut has received tax claims amounting to $17.4m (US$ 12.8m).

The claims could result in a liability after the sale of its cocoa ingredients business is completed.

“While reserving its rights in relation to the notifications, the Company has requested Barry Callebaut to defend these claims. There are grounds to resist these claims and, therefore, no provision has been made,” Petra stated.
 

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