On April 4, 2016, Resolution 993/2016 was published in the Rio de Janeiro State Official Gazette, establishing the possibility of granting presumed ICMS credits to infrastructure projects in the state.

The resolution, which incorporates ICMS Convention 85/2011 into the legislation of Rio de Janeiro State, establishes that, every year, such credits may not exceed 5% of the state government's share of ICMS tax revenues the previous year.

In order to receive these credits, taxpayers must sign an agreement with the Rio de Janeiro State Finance Secretariat, defining the investment and the conditions for executing it. The value of the credits will be limited to the value of the investment defined in the agreement.

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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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