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Tax legislation changes in Brazil will increase costs for Hydro
January 30, 2014 - 04:59 GMT
Changes in tax legislations by Brazil’s Pará state will increase costs for Norsk Hydro’s alumina and bauxite business and the company is “concerned” by the sudden decision.
Following a decision by the Brazilian state, Hydro will be
subjected to an increased cost of approximately BRL 60 million
($25 million) per quarter, which will be charged to the
company's bauxite and alumina business area, it said on
Wednesday January 29. Hydro's Alunorte refinery is located in
the state. The rise in cost stems from Pará's decision
to change the collection point of the ICMS tax, levied
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Euromoney Institutional Investor PLC.
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