Rio de Janeiro quenching oil tax exemption

The Chamber (Legislative Assembly of Rio de Janeiro) adopted with unanimity of 46 votes, legislative decree extinguishing the tax regime which reduced the recovery of ICMS on equipment used in the oil industry.

The argument was that the disclaimers have prevented state collection, that in 2015 was about 3.5 billion reais, for example. The benefit was applied as a way of stimulating investment in terms of the special customs regime of exports and imports of goods for the research and production of petroleum (Repetro).

According to the Chamber, despite being a federal regime, Repetro was regulated in the State of Rio de Janeiro by Decree and so for being extinct.

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