Keywords: SEFAZ, PGE Ruling, tax amnesty program, Rio de Janeiro

On 07/24/2014, SEFAZ/PGE Ruling No. 176/2014 was published in the Official Gazette. It regulates the Tax Amnesty Program for the State of Rio de Janeiro, which was authorized by CONFAZ ICMS Convention No. 128/2013, allowing the waiver or reduction of penalties and interest related to the Tax on Distribution of Goods and Services – ICMS – debts.

The tax amnesty program applies to all debts where tax events had occurred up to December 31, 2013, regardless of whether or not having been assessed or enrolled among collectible debts, including those which are subject to ongoing lawsuits or installment payment programs.

The ruling confirmed the convention provisions that allowed the payment of fines and interest arising from default on tax liabilities, which may be effected with a reduction ranging from 40% to 75%.

Furthermore, it was established that the final term for application purposes will be 09/30/2014. The procedures to apply in this program are also set out in the Ruling.

We remain at your entire disposal to provide any clarification that might be required.

Originally published July 30, 2014

Visit us at Tauil & Chequer

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."

© Copyright 2014. Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. All rights reserved.

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.