On December, 15, 2016 Decree No. 02 was published in the Official Gazette of the State of Rio de Janeiro, thereby suspending the effects of Decree No. 41.142 from January, 23, 2008.
Decree No. 41.142/2008 regulates the ICMS Convention CONFAZ No. 130/2007, which discusses exemption and reduction of the calculation basis of the ICMS levy in transactions with goods destined for the oil & gas activities.
The new decree is effective from the date of its publication, so that from December, 15, 2016 onward, the exemptions and reduction of the calculation of ICMS set forth in Decree No. 41.142/2008 are suspended.
Observations in this update about Brazilian law are by Tauil & Chequer Advogados and are not intended to provide legal advice. Any entity considering the possibility of a transaction must seek advice tailored to its particular circumstances.
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Founded in 2001, Tauil & Chequer Advogados is a full service law firm with approximately 90 lawyers and offices in Rio de Janeiro, São Paulo and Vitória. T&C represents local and international businesses on their domestic and cross-border activities and offers clients the full range of legal services including: corporate and M&A; debt and equity capital markets; banking and finance; employment and benefits; environmental; intellectual property; litigation and dispute resolution; restructuring, bankruptcy and insolvency; tax; and real estate. The firm has a particularly strong and longstanding presence in the energy, oil and gas and infrastructure industries as well as with pension and investment funds. In December 2009, T&C entered into an agreement to operate in association with Mayer Brown LLP and become "Tauil & Chequer Advogados in association with Mayer Brown LLP."
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This article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.