On 16 August 2023, Brazil’s government issued Decree 48,641, which introduces new regulations pertaining to the management of permanent assets by oil and gas companies operating in the State of Rio de Janeiro. The decree establishes a suspension of ICMS (i.e., state VAT) for the transfer of permanent assets intended for repair and manufacturing. This suspension is conditioned upon the subsequent return of these assets to their original location. The stipulated timeframe for such return is 540 days, starting from the date of their departure. An extension of an additional 540 days is possible, subject to the discretion of the tax authority and upon formal request by taxpayers.
Source: taxathand.com
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