Brazil Mining Industry Fiscal Regime Analysis – Governing Bodies, Regulations, Licensing Fees, Taxes, Royalties, 2023 Update
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Brazil Mining Industry Report Overview
Brazil has large reserves of important metals such as aluminum, iron ore, niobium, and nickel. It is also a leading producer of gold. According to the Brazilian Mining Association (IBRAM), Brazil’s mining industry generated $49.5B (BRL250B) in revenue in 2022. Of the total mining revenue generated in 2022, iron ore contributed the largest share, accounting for more than 61%, followed by gold and copper.
Brazil’s mining industry is working to improve its sustainability practices in response to both domestic and international pressure to reduce the environmental and social impacts of mining. The country prioritizes water management through recycling and efficient use of water resources, reducing energy use, and minimizing deforestation.
The Brazil mining industry report gives a comprehensive understanding of Brazil’s mining fiscal regime and also gives an overview of the country’s macroeconomic performance from 2001 to 2022. It encompasses particulars of the governing bodies that oversee mining operations, the mining laws and regulations, and various mineral exploration licenses and rights granted in the country. The report further evaluates the mining-related taxes and royalties levied by the Brazilian government.
Total FDI (2022-2023) | $185.9 Billion |
Governing Bodies | • Ministry of Mines and Energy (MME)
• National Mining Agency (ANM) • Geological Survey of Brazil (CPRM) • Ministry of Science, Technology, Innovations and Communications (MCTIC) • National Nuclear Energy Commission (CNEN) • National Nuclear Energy Commission (CNEN) • Industrias Nucleares do Brasil SA (INB) |
Key Laws | • Law No. 4,118
• Brazil Income Tax Reforms 2023 |
Taxes and Royalties | • Corporate Income Tax
• Value Added Tax • Capital Gain Tax • Withholding Tax • Individual Income Tax • Compensation for Exploitation of Mineral Resources (CFEM) |
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Brazil Mining Industry - Governing Bodies
Brazil’s mining industry is governed by the Ministry of Mines and Energy (MME), National Mining Agency (ANM), Geological Survey of Brazil (CPRM), Ministry of Science, Technology, Innovations and Communications (MCTIC), National Nuclear Energy Commission (CNEN)y, National Nuclear Energy Commission (CNEN), and Industrias Nucleares do Brasil SA (INB).
Ministry of Mines and Energy (MME): The MME is responsible for the country’s scientific and technological development. It deals with the areas of geology, mineral and energy resources, hydropower, mining and metallurgy, oil, fuel, and electricity.
National Mining Agency (ANM): Regulations issued by the ANM must stay within the general competence attributed to that body under applicable law. In this sense, ANM, as a regulatory agency, has the power to inspect, regulate, and sanction the industry players within the limits of the powers granted to it by federal laws.
Governing Bodies in Brazil’s Mining Industry
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Brazil Mining Industry – Mining Laws
Along with ANM, the Brazilian Mining Code (Decree No. 227/1967) is the main regulatory body of mining activities. It grants authority to the Ministry of Mines and Energy and the environmental protection authorities, especially the Brazilian Environmental and Renewable Resources Institute (IBAMA), as well as state environmental agencies.
The Brazilian Mining Code:
- Holds rights over the individualized masses of mineral or fossil substances found on the surface or within the earth, which form the mineral resources of Brazil
- Establishes the regime for mineral usage
- Manages research, mining, and other aspects of the mineral industry
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Brazil Mining Industry – Taxes and Royalties
The main taxes and royalties applicable in the Brazilian mining industry are Corporate Income Tax, Value Added Tax, Capital Gain Tax, Withholding Tax, Individual Income Tax, and Compensation for Exploitation of Mineral Resources (CFEM).
Corporate Income Tax: Brazilian corporate income tax is a combination of Imposto de Renda sobre Pessoa Jurídica (IRPJ) and Contribuição Social sobre o Lucro Líquido (CSLL) applied on net profits, which totals 34% (25% IRPJ + 9% CSLL). Companies that are resident in Brazil pay taxes on their worldwide profits. Foreign companies are only subject to tax if they engage in certain sales operations involving other companies or agents located in Brazil.
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Scope
The report focuses on the mining fiscals’ key aspects such as governing bodies, laws and regulations, governance frameworks, and sustainability practices. The report also includes mining-related taxes and royalties.
Reasons to Buy
- Navigate the complexities and comply with the requirements.
- Obtain up-to-date information on mining sector taxes and payments.
- Enhance your decision-making capability in a more rapid and time-sensitive manner.
- Understand how to mitigate the impact of regulatory changes.
- Understand the regulatory framework.
- Identify the country’s mining governing bodies, major laws, and licenses to get an in-depth understanding of the mining industry structure.
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Frequently asked questions
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What was the revenue generated by the Brazilian mining industry in 2022?
Brazil’s mining industry generated $49.5B (BRL250B) in revenue in 2022
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What are the main laws governing the Brazilian mining industry?
Brazil’s mining industry is governed by the Ministry of Mines and Energy (MME), National Mining Agency (ANM), Geological Survey of Brazil (CPRM), Ministry of Science, Technology, Innovations and Communications (MCTIC), National Nuclear Energy Commission (CNEN)y, National Nuclear Energy Commission (CNEN), and Industrias Nucleares do Brasil SA (INB).
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Which are the key taxes applicable in the Brazilian mining market?
The main taxes and royalties applicable in the Brazilian mining industry are Corporate Income Tax, Value Added Tax, Capital Gain Tax, Withholding Tax, Individual Income Tax, and Compensation for Exploitation of Mineral Resources (CFEM).
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