Steelmaker CSN agrees to pay $242 mln back-tax bill to Brazil

RIO DE JANEIRO Fri Nov 29, 2013 5:42pm EST

RIO DE JANEIRO Nov 29 (Reuters) - Brazilian steelmaker Cia Siderurgica Nacional said on Friday that it has agreed to pay Brazil 566 million reais ($242 million) in back taxes related to profit at overseas operations.

Under the agreement, CSN will get discounts of 50 percent to 80 percent on fines and other assessed charges and have 15 years to pay, the São Paulo-based company said in a statement.

CSN will pay 103 million reais of the bill now and the remaining 463 million reais in 179 monthly payments adjusted by Brazil's benchmark Selic interest rate.

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