Sales of locomotives with power above 3,000 HP, produced in the state of Minas Gerais and aimed at providing cargo transportation services, are exempted from the ICMS (Value-Added Tax on Sales and Services) tax in internal and interstate operations.
The benefit has been created by the State Decree No. 45.996, published in the State Official Gazette on this Friday.
The constitutional rule of ICMS tax has provision for refunding the credit of the state (ICMS) tax in the purchases of raw materials and intermediate products used in the manufacture of products traded with ICMS exemption.
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The decree authorizes the maintenance of these credits, provided that the taxpayer requests for the special regime with the tax authority of Minas Gerais. The company must sign a letter of intention in which it binds itself to keep its operations in the state and promote investments to fostering the local economy.
The rule also validates the credits unduly used before the decree publication date. But, if the taxpayer has been penalized with additional tax assessment, it must waive from any administrative or legal appeals and assume the payment of legal expenses and attorney fees. Amounts that have been occasionally paid will not be refunded.
The benefit is based on Agreement No. 58 of Confaz (Taxation Policy Council), which is comprised by all the Secretaries of Treasury of the Brazilian states. This agreement authorizes the state of Minas Gerais to grant exemption of ICMS tax in the sales of locomotives.
Source of information: Lex Legis Consultoria Tributária.
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