Brazilian policymaker wants iron ore companies to pay state taxes

Tuesday, 02 February 2021 01:01:35 (GMT+3)   |   Sao Paulo

The president of Minas Gerais State Legislative Assembly, ALMG, the state’s legislative body, said iron ore companies should pay state taxes. Minas Gerais is home to iron ore companies such as Vale and MUSA, as well as several steelmakers, including Gerdau, flats producer Usiminas, and ArcelorMittal Brazil, among others.

Agostinho Patrus, president at ALMG, said iron ore companies should pay the state ICMS tax, also known as the goods circulation tax. Iron ore companies do not currently pay the tax to the state of Minas Gerais.

Patrus argued iron ore companies are benefiting from high iron ore export prices, however, the companies are not paying back the state in the form of taxes. He labeled the situation as “unfair.”

Most Recent Related Articles

Anglo American Brazil to invest up to $250 million in Minas-Rio

Anglo American sees improved EBITDA for Minas-Rio in 2020

Minas Gerais state unveils stricter dam safety rules

Brazilian court suspends AVG’s iron ore license

Vale may add up to 49 million mt of capacity in 2021