The Federal Senate approved yesterday the Complementary Law Project No. 05/2021, which provides for the extension of exemptions, incentives, and tax and financial-tax benefits linked to the ICMS, aimed at maintaining or increasing commercial activities, provided that the beneficiary is the actual sender of the goods.
The Federal Senate approved yesterday the Complementary Law Project No. 05/2021, which provides for the extension of ICMS tax exemptions, incentives, financial-fiscal benefits The approved legislative amendment seeks to equalize the period of enjoyment of ICMS tax benefits, pursuant to Complementary Law No. 160/2017. The original text of the LC No. 160/2017 extended the tax benefits unequally among economic sectors. The reinstatement term of the benefits for industry and agricultural activities is 15 years while for commercial and port activities were 5 and 8 years respectively
The approved project will be sent to the president’s sanction, who has 15 days to either enact or veto it. If there is a presidential veto, it is possible that the text will be reconsidered by the national congress, which will need an absolute majority of votes of congressmen and senators to overturn the presidential veto.
We remain at your disposal for any questions on the subject.