On December, 15, 2016 Decree No. 02 was published in the Official Gazette of the State of Rio de Janeiro, therebysuspending the effects of Decree No. 41.142 from January, 23, 2008.

Decree No. 41.142/2008 regulates the ICMS Convention CONFAZ No. 130/2007, which discusses exemption and reduction of the calculation basis of the ICMS levy in  transactions with goods destined for the oil & gas activities.

The new decree is effective from the date of its publication, so that from December, 15, 2016 onward, the exemptions and reduction of the calculation of ICMS set forth in Decree No. 41.142/2008 are suspended.

Observations in this update about Brazilian law are by Tauil & Chequer Advogados and are not intended to provide legal advice. Any entity considering the possibility of a transaction must seek advice tailored to its particular circumstances.