Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 485

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 485
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tax deductible) write-downs on shares and

receivables: in connection with the Company's impairment test

for goodwill and property, plant and equipment, the

recoverability of the carrying amounts of investments in shares

and intragroup receivables is also reviewed annually, resulting in

tax deductible write-downs, or taxable reversals of previously

recorded write-downs, of the values of loans and shares of

consolidated subsidiaries in Luxembourg.

Juros sobre o Capital Próprio : Corporate taxpayers in Brazil,

which distribute a dividend can benefit from a tax deduction

corresponding to an amount of interest calculated as a yield on

capital. The deduction is determined as the lower of the interest

as calculated by application of the Brazilian long term interest

rate on the opening balance of capital and reserves, and 50% of

the income for the year or accumulated profits from the previous

year. For accounting purposes, this distribution of interest on

capital is regarded as a dividend distribution, while for Brazilian

tax purposes it is regarded as tax deductible interest.

Non-deductible loss on disposal of Kazakhstan operation s: the

Company recorded 0.9billion impairment charges and 1.5billion

foreign exchange translation losses in connection with the

divestment of its operations in Kazakhstan in 2023. Both items

were non-deductible for tax purposes, see note 2.3.

Rate changes

The 370 tax expense resulting from rate changes in 2024 is due

to the decrease from 24.94% to 23.87% of the statutory tax rate

as enacted in Luxembourg and applied to deferred taxes.

Net change in measurement of deferred tax assets

The 2024 net change in measurement of deferred tax assets of

182 mainly consists of (i) recognition of deferred tax assets in

Luxembourg of ( 381) mainly due to the utilization of

unrecognized tax losses carried forward, and (ii) net

unrecognition of 563 of deferred tax assets related to negative

results for the year in other tax jurisdictions.

The 2023 net change in measurement of deferred tax assets of

( 423) mainly consisted of (i) recognition of deferred tax assets in

Luxembourg of ( 314) including recognition of tax losses carried

forward based on revised taxable income forecast of ( 366) and

net recognition of ( 109) , of deferred tax assets in other tax

jurisdictions, including (