Glencore Looks to Resolve $1 Billion Tax Charge With HMRC

Industrials giant Glencore paid His Majesty’s Revenue and Customs $1 billion to cover a years-long backlog of tax disputes, the group said in its annual report Wednesday.

The company added it was undergoing a mutual agreement procedure between British and Swiss tax authorities under the UK-Switzerland Income Tax Treaty to try to recoup the funds, of which it expects to win a “significant chunk” back.

Glencore CFO Steven Kalmin told investors on a Wednesday earnings call that 2025 was “the year of reckoning around accumulation of quite profitable years in the oil business,” and criticized ...