The Municipal Treasury Department of Sao Paulo published Normative Opinion (Parecer Normativo) 4, on 10 November 2016, with a new interpretation of the term "result", for purposes of determining if the service is considered an exported service or not.

According to the Normative Opinion, in general terms, the service is considered exported when the person, the material, immaterial element or the economic interest to which the provision of the service is connected is located abroad.

The Normative Opinion also provides for interpretations regarding the concept of "result" for specific services, such as informatic, intermediation and technical and administrative support services.

The Normative Opinion is binding to all the hierarchical bodies of the Treasury Department and revokes previous contrary provisions, including Normative Opinion 2, dated 26 April 2016, which dealt with the same subject matter.

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