PL 1771/19: voting in Alerj may change ICMS

Next Wednesday (10), the Legislative Assembly of the State of Rio de Janeiro (Alerj) will vote on Bill No. 1771/19, which again came into the agenda. The PL provides for the internalization of the Confaz Agreement No. 03/2018, which regulates various tax exemptions and non-tax incidences for the oil industry, while requiring the application of rules of Decree No. 46,233/18.

The PL had already been submitted earlier this month, and now returned to the agenda of Alerj. The initial idea was to ensure internal law status for The Agreement 03/18, thus generating more legal certainty and validating the 3% ICMS rate on import. However, when some amendments suggested the establishment of different rates, the initiative has become questionable.

It is worth remembering that PL's approval directly affects investors who plan to invest long-term in oil and gas exploration and production operations, as the tax overhaul could threaten investors in the sector.

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