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Tax legislation changes in Brazil will increase costs for Hydro

January 30, 2014 - 04:59 GMT Location: São Paulo

KEYWORDS: Brazil , Alunorte , Norsk Hydro

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 on...

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