On 10/25/2013, Ordinance CAT No. 128/2013 was published in the Official Gazette of the State of São Paulo. The Ordinance regulates the concession of the Special Regime for the suspension of the ICMS (State VAT) levied on imported goods which will subsequently be destined to interstate sales that are subject to ICMS, at a tax rate of 4%, pursuant to the Federal Senate Resolution No. 13/2012.
The taxpayer located in the State of São Paulo must prove that it has accrued high and continuous ICMS credit balances, and it must indicate the percentage of suspension needed to stop the accrual of credits.
In addition to this, the following requirements must be satisfied:
The Executive Director of the Tax Administration will be responsible for the approval of the relevant application.
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