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Tax Reporting
We see responsible taxpaying as an integral part of our operations and a way to create shared and sustainable value for our stakeholders, giving back to and serving our communities. This philosophy informs our approach to tax and investment.
As a global enterprise, we are subject to multiple tax obligations, including royalties and other taxes on natural resource extraction. In Brazil, some states have industry-specific taxes on mining and related activities. Vale has a dedicated team of professionals with in-depth expertise and robust internal audit processes that review our tax reporting practices and procedures.
Taxpaying is a core part of the relationship between corporations and society, supporting the development of local, national and global economies. That is why we take our tax responsibilities seriously.
In 2022, Vale paid
US$ 9.6 billion
in taxes, with more than 90% of this amount being paid in Brazil.
Over the past decade, our total economic contribution has reached US$ 367 billion.
US$ 367 billion.
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Our tax approach is based on five fundamental principles:
- Transparency
- Creation of long-term value
- Effective risk management and control
- Excellence in compliance
- Proactive and open engagement with tax authorities and stakeholders
As part of our ongoing commitment to enhance transparency, since 2019 we have published a Tax Transparency Report describing the taxes we pay and how they contribute to our communities. In it, we report on taxes and royalties by country and by site, broken down into federal, state and local taxes. These voluntary reports are prepared in line with Global Reporting Initiative (GRI) Standard 207 – Tax.
Every three years, we undergo assessments by the Extractive Industries Transparency Initiative (EITI). In the most recent assessment, in 2021, EITI highlighted our good practices and commended our compliance with the expectations set for companies supporting this initiative.
Every three years, we undergo assessments by the Extractive Industries Transparency Initiative (EITI). In the most recent assessment, in 2021, EITI highlighted our good practices and commended our compliance with the expectations set for companies supporting this initiative.
Corporate income taxes - US$ 4,709 MM
Payroll taxes - US$ 998MM
Tax on mining - US$ 1.297MM
Taxes on product and service - US$ 2.162MM
Other taxes - US$ 434MM
Workforce - 215.347
Total taxes - US$ 9,600MM
Tax payments by jurisdiction
(in US$ million)
(in US$ million)
Tax payments by level of government
(in US$ million)
(in US$ million)
Controlled Foreign Corporation (CFC) Taxation
Under Brazilian regulations, Vale is subject to Controlled Foreign Corporation (CFC) taxation rules as our parent company is headquartered in Brazil. Brazilian CFC rules are among the most stringent in the world, as they encompass the profits of all foreign subsidiaries and affiliates, even when not directly owned and regardless of their location. All of these entities are subject to income tax in Brazil at a nominal rate of 34%, which can be offset against income tax paid abroad.
Tax incentives
Vale enjoys tax incentives in some of the jurisdictions where it operates. These incentives are available to all taxpayers. In some cases, these incentives are contingent on meeting certain requirements and limits, such as employment and economic activity in our broader value chain.
In Brazil, in 2022, the total amount of incentives available to Vale was approximately US$ 1.4 billion, with nearly 90% of this amount being related to our operations in Brazil’s North. This includes incentives linked to investments in the Amazon Development Agency (SUDAM). In the North, we have a workforce of approximately 50,000 people, including 16,000 direct employees. To support investments in the region — which accounts for 60% of our production output — the proceeds from these incentives cannot be distributed to shareholders.
We have used these incentives in support of ecosystem protection, educational initiatives, local development support through partnerships, sustainable business practices, and research. Our combined investment in voluntary socio-environmental activities amounted to US$ 500 million from 2019 to 2021. Vale's total supplier spend was US$ 2.2 billion.
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Learn more Tax Transparency Report
Other tax disclosures (other jurisdictions):
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