Keywords: State of Espirito, ICMS Regulations, REPETRO

On August 27, 2014, the State of Espírito Santo Decree No. 3.648-R was published. It amended item LV of Article 70 of the ICMS Regulations in order to extend until March 30, 2015 (the former deadline was June 30, 2014) the reduction of 3% of the calculation basis of ICMS due upon customs clearance of goods imported under REPETRO for application in the production of oil and gas.

The Decree is effective starting from July 1, 2014.

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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.