Disputes between oil and gas producing states, especially Rio de Janeiro and Espírito Santo, and non-producing states are likely to cause revisions to Brazil’s indirect tax regime.
Contrary to earlier reports, the UAE has ruled out introducing VAT next year, while Gulf Cooperation Council (GCC) states have indefinitely delayed plans to introduce the tax.
Rio Tinto announced this week that it is closing its only aluminium smelting plant in the UK. Much of the coverage surrounding the decision suggests that it is a reaction to the burden of changing environmental tax policy, but the reality is somewhat different.
