On June 3rd, the State of São Paulo re-opened the tax amnesty, which was finished on May 31, 2013. Based on Decree no. 59,255, this new term will last until August 31, 2013. In addition, Decree no. 59,254 established the possibility of using State Value-Added Tax ("ICMS") credits to pay outstanding tax debts under the tax amnesty, subject to regulations which the Secretary of Finance and the São Paulo Tax Attorneys' Office will issue.
The tax amnesty offers significant discounts in penalties and interest for taxpayers to liquidate ICMS tax debts in one payment, or in installments.
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