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Brazil's Mato Grosso state looks to impose mining tax

Bnamericas Published: Tuesday, December 13, 2022
Brazil's Mato Grosso state looks to impose mining tax

Brazil’s Mato Grosso government submitted a bill to the state’s lower house to apply the mineral resource regulation tax, known as the TFRM

The state government estimates it will raise 159mn reais (US$30mn) in 2023 with the measure, according to local news website MidiaJur.

The Mato Grasso government hopes legislators will approve the bill before the end of this year. 

The TFRM tax was introduced in 2011 by certain mining-dependent states and is currently charged by Amapá, Minas Gerais and Pará. 

Despite not being a mining stronghold, Mato Grosso has significant production of nickel, zinc, phosphate and gold.

Investors and mining companies are watching closely any proposals to increase taxes in the sector, as the federal and state governments are experiencing fiscal restrictions and seeking options to boost revenue collection.

Earlier this week, mining association Ibram organized an online event to discuss fiscal policy trends and risks for 2023 in the sector. 

The national congress is debating two tax reform proposals aimed at reducing bureaucracy and the number of different levies charged.

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