Grupo Mateus (GMAT3) has disclosed that its subsidiary, Armazém Mateus S.A., received a substantial tax assessment from Brazil’s Federal Revenue Service (Receita Federal).
The penalty, described as amounting to billions of reais, stems from a dispute over the exclusion of presumed ICMS (state value-added tax) credits from the calculation base for federal taxes.
The company confirmed the receipt of the notice in a regulatory filing, marking a significant escalation in its ongoing tax litigation.
The assessment targets the group’s historical treatment of state-level tax credits, a common friction point in Brazil’s complex tax system.
By challenging the exclusion of these credits from the federal tax base, the revenue service is effectively seeking to recalculate past liabilities, potentially adding substantial costs to the company’s balance sheet.
The exact financial impact will depend on the final resolution of the case, but the initial figure represents a material contingent liability.