OrbitaxBrazil Introduces a Special Federal Fund to Compensate State Losses from Changes in ICMS that will be Funded by a New Unreported Foreign Asset Program
|Approved Changes|Brazil
On 14 July 2015, Brazil published Provisional Measure (PM) No. 683/2015 in the Official Gazette, which creates a special federal fund (FDRI) to compensate Brazilian states for the expected losses resulting from changes in the country's application of ICMS (VAT on interstate sales). The ICMS changes involve shifting ICMS revenue from the state of the supplier to the state of the final consumer (…
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