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ICMS: CONFAZ AGREEMENT # 3/2018 – SPECIAL CUSTOMS REGIME (REPETRO)

The Special Customs Regime for Export and Import of Assets used in Exploration and Production of Oil and Natural Gas Reserves - REPETRO-SPED was also subject to new regulations in the state level.

The new CONFAZ Agreement authorizes states to lower the calculation basis and to exempt the ICMS on imports and on domestic purchases of goods used in the exploration and production of oil and natural gas.

Be aware that Clause 9 of the Agreement states that the utilization of the benefit result in the "withdrawal of administrative appeals and legal lawsuits, as well as gives an irreversible waiver of any administrative or judicial right that challenge the incidence of ICMS on the importation of goods without transfer of ownership, referring to events that occurred before the effective date of this agreement."

Our team is available to discuss the new rules.

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