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Bill to Compensate States for ICMS Tax Cap: Rapporteur Report

BRAZIL
  • Brazilian lawmaker Elmar Nascimento, the rapporteur of a bill labeling fuel, electricity, communications and public transport as essential goods and services, filed his report on Wednesday. (Bloomberg)
  • .Bill determines a 17% cap for state-level ICMS tax on essential items
    • Text also requires the federal govt to compensate states that suffer a reduction greater than 5% in tax collections.
    • Compensation is limited to losses incurred through Dec. 31, 2022
  • Rapporteur to grant an interview on the matter at 1600 (local time).

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