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Governors Extend ICMS Freeze On Fuels For 60 Days

BRAZIL

Governors Extend ICMS Freeze On Fuels For 60 Days (FOLHA)

  • Governors decided to extend the freeze on ICMS (Tax on the circulation of goods and services) for 60 days – which was previously due to end on Jan 31.
  • In a note, they also ask President Bolsonaro’s government to change the policy of international parity in fuel prices, practiced by Petrobras.
  • The note attributes the need for an extension to “the end of the observation of the consensus and the concomitant updating of the basis for calculating fuel prices, currently based on the international value of a barrel of oil”.
  • It also says that this decision will be taken “until structural solutions for stabilizing the prices of these inputs are established. (Folha, Translated)

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