On Abril 20th, 2020, the Brazilian Federal Revenue Service enacted Normative Ruling RFB # 1,941/2020 (“NR 1,941”), amending Normative Ruling RFB # 1,781/2017 and updating its Annex I, to include new assets within the scope of the special customs tax regime for assets to be used in the exploration, development and production of oil & gas (“Repetro-Sped”).
NR 1,941/2020 extended the regime to pipes and hollow profiles, seamless, of iron or steel used on oil exploration, classified under the following Mercosur codes (“NCM”):
- 7304.29.90; and
Such Administrative Ruling shall come into force on May 1st, 2020.
Our Tax and Customs Team remains on hand to provide any additional clarifications deemed necessary.