Seeking To Encourage The Economy And Create Jobs, São Paulo Government Exempts Oil And Natural Gas Industry From ICMS Collection In 2022

Written by Fabio Lucas Carvalho

Published on 30/09/2021 at 02:42

Updated on 01/10/2021 at 15:14

Foto: Governo do Estado de São Paulo

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Oil and Gas Industry Will Be Exempt from ICMS Payment on the Acquisition of Machines and Equipment for Interstate Exits

In an effort to encourage job generation and stimulate the growth of São Paulo’s GDP next year, the State Government announced on Wednesday, 29, the reduction of the Tax on Circulation of Goods and Services (ICMS) for some key sectors of São Paulo’s economy. The oil and gas equipment sector was one of the beneficiaries.

The government of the state of São Paulo has benefited the following sectors of the economy with the ICMS reduction: Medicines, Used Vehicles, Electric Vehicles, Natural Juices and Beverages, as well as Oil and Gas Equipment.

The oil and gas equipment sector will have a different rate compared to other sectors. The rate changes from 12% this year to exemption starting January 2022.

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How the Oil and Gas Sector Will Function in São Paulo in 2022

ICMS, Oil and Gas, São Paulo, Jobs — **The Governor of the State of São Paulo João Dória During a Press Briefing with the Government Area and the Health Area. Photo: Government of SP**

As the oil and natural gas industry is a major generator of jobs and income, the state government has decided to stop charging 12% for the purchase of machines and equipment for interstate exits.

The government of the state of São Paulo stated that by benefiting employment-generating sectors, it is possible due to the state’s fiscal adjustment, in addition to an economic growth above the national average.

With the changes, it is expected that the sectors will develop even further, generating more job openings in the state and recovering once and for all from the serious consequences of the pandemic.

Seeking To Encourage The Economy And Create Jobs, São Paulo Government Exempts Oil And Natural Gas Industry From ICMS Collection In 2022

Oil and Gas Industry Will Be Exempt from ICMS Payment on the Acquisition of Machines and Equipment for Interstate Exits

How the Oil and Gas Sector Will Function in São Paulo in 2022

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Seeking To Encourage The Economy And Create Jobs, São Paulo Government Exempts Oil And Natural Gas Industry From ICMS Collection In 2022

Oil and Gas Industry Will Be Exempt from ICMS Payment on the Acquisition of Machines and Equipment for Interstate Exits

How the Oil and Gas Sector Will Function in São Paulo in 2022

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