Gerdau wins $177.3 million tax dispute

Friday, 20 November 2020 20:54:22 (GMT+3)   |   Sao Paulo
       

Brazilian integrated steelmaker Gerdau said late this week it won a BRL 952 million ($177.3 million) tax dispute over a Brazilian tax it was owed to the steel producer.

Gerdau said Gerdau Açominas, one of its subsidiaries, was awarded a Cofins tax dispute of $177.3 million on November 18 this year.

Gerdau said it should take up to five years for Gerdau Açominas to actually obtain the tax credit. Brazil’s revenue service, Receita Federal, should audit the tax credit owed to Gerdau.

The Cofins tax is a federal social tax based on a percentage of revenues. The tax helps finance Brazil’s social security.


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