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Brazil: São Paulo plans to reduce ICMS Rate on Fuel

The governor of São Paulo, João Doria (PSDB), intends to announce the 25% reduction in jet fuel kerosene ICMS to 12%. The adjustment is to be made under the new program for air transport and tax reduction.   Background of the planned Tax Cut Currently, the fuel consumption at the airports of São Paulo is…

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Brazil: São Paulo reduces ICMS rate for packaged produce

Since February 1st, São Paulo has reduced the ICMS rate on packaged fruits, vegetables, and herbs to 0% which should bring down the consumer prices.   Abadoning Double Taxation The reason for the reduction was the double taxation on said produce because the ICMS tax was levied both on the foods as well as on…

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Brazil: INSS Update

The Resolution Nr. 9/2019 specifies the modifications to the INSS contributions in line with the social security regulations. According to the new resolution, beenfits pais by the National Institute for Social Security (INSS) have been changed to 3,43% since January 1st, 2019.   Adaptation of INSS Contributions INSS benefits are paid for: accident aid sick…

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Peru: CbC Report Exchange since “MCAA CbC”

At the end of 2018, Peru signed the Multilateral Competent Authority Agreement (MCAA CbC) which regulates the exchange of Country-by-Country reports. Thus, Peru has committed to send CbC reports to 44 countries until January 31st, 2019. However, Peru has so far only received Portugal`s confirmation of submitting their CbC reports.   New Deadline Nevertheless, it…

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Brazil: Exporting States limit the Usage of ICMS Tax Credits

A non-published study of the National Confederation of Industry (CNI) shows that the 10 biggest exporting states in Brazil limit the usage of ICMS tax credits of companies selling products abroad. The states` governments define requirements for the usage of tax credits when it comes to: Paying tax debts Transferring the money to third parties…

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Siscoserv – System Changes

In December 2018, Brazil published two directives that changed the Siscoserv system. Siscoserv is an integrated tool for foreign trade of services, immaterial goods and other transactions that change the volume of equity. Information have to be submitted through Siscoserv if the transactions take place between someone residing I Brazil and someone who is not.…

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Brazil: Focus on International Trade

For the first 100 days in office, Bolsonaros government has created a priority list which has been published on January 23, 2019. The list includes 35 topics, two of them directly relating to international trade.   International Economic Integration One of the priorities that has been suggested by the ministry of economics is to strengthen…

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Brazil: Changes to Double Taxation Disputes

At the end of November 2018, Brazil introduced a new Normative Ruling on effective dispute resolution processes in order to comply with the OECD`s Action 14 BEPS requirements. The Normative Ruling NR 1,846/18 replaces NR 1,669/16 which regulates the application of the mutual agreement procedure (MAP) in Brazil’s 33 tax treaties. Until the change, taxpayers…

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CbC Changes in Brazil and Colombia

In November 2018, Brazil and Colombia introduced regulatory changes with view to Country-by-Country Reporting (CbC).   Brazil Country-by-Country Reportings (CbC) exists in Brazil since 2016 based on the Normative Ruling 1,681. Thus, Brazil`s regulation is in line with the requirements of OECD`s BEPS Action 13 Plan. Brazil`s tax authority RFB published numbers on how many…

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Mexico: Trust Register for Tax Incentives planned

On November 13, 2018, the governing party Morena introduced a law initiative that is aimed at increasing the people`s trust in the government. Its goal is to offer tax incentives and administrative benefits to taxpayers (both individuals and companies) in order to increase their economic activity with less bureaucratic hassles. While specific benefits have not…

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