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Rio de Janeiro sanctioned this Thursday (21) the RioComex, a differentiated ICMS taxation regime for foreign trade companies. According to CNN Brasil, Law 11.192/26 was published in the State Official Gazette and seeks to recover Rio de Janeiro’s competitiveness in imports carried out by trading companies, currently concentrated in Santa Catarina and Espírito Santo. Sector entities estimate that the measure could generate R$ 2.1 billion annually in ICMS revenue, 22 thousand direct jobs, and R$ 3 billion in total economic impact.
Rio de Janeiro has just officially recognized that it lost the import tax war. Despite having the second-largest GDP in Brazil and significant port infrastructure, the state accounts for only 6% of trading companies’ operations in the country. More than 60% of these activities are concentrated in Santa Catarina and Espírito Santo, states that attracted operations with aggressive tax regimes that Rio de Janeiro did not offer. The RioComex, sanctioned this Thursday (21), is an attempt to reverse this migration.
The regime creates mechanisms that reduce or defer ICMS collection for foreign trade companies installed in Rio de Janeiro, equating Rio’s conditions to those practiced by competing states. The entities that advocated the proposal claim that the measure does not represent a tax waiver, as it seeks to attract businesses currently conducted outside the state. The estimate presented by Sindicarga is R$ 2.1 billion per year in ICMS revenue, 22 thousand direct jobs, and R$ 3 billion in total economic impact. The regime will be valid until December 31, 2032.
How Rio de Janeiro lost the imports
The explanation for the loss of competitiveness of Rio de Janeiro in foreign trade operations is fiscal. While Santa Catarina and Espírito Santo adopted differentiated taxation regimes that reduced the effective ICMS burden on imports, the state of Rio maintained higher rates. The result was predictable: trading companies transferred operations, and ships passing by the coast of Rio de Janeiro made small unloads at Rio ports and proceeded to Santa Catarina or Espírito Santo, where the ICMS was lower.
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Data from the Brazilian Association of Foreign Trade Companies shows the extent of the loss. Between 2014 and 2023, Santa Catarina saw its imports grow by 80%, jumping from 16 billion to 29 billion dollars. Espírito Santo advanced 43% in the same period. Rio de Janeiro, which occupies the 8th position in the national import ranking with 13% of the total, lagged behind despite having logistical advantages like the Port of Rio, the Port of Itaguaí, and Galeão Airport.
What RioComex changes in practice
The regime created by Law 11.192/26 offers three main instruments to reduce the tax cost of imports made by Rio de Janeiro. The first is the deferral of ICMS at customs clearance, which allows postponing the tax payment to the moment the merchandise is moved within the state. This improves the cash flow of companies and eliminates the need for immediate disbursement at the time of importation.
The second instrument is the presumed credit of up to 70% of the ICMS value due monthly in interstate operations. The third is the reduction of the tax base in internal operations, which decreases the effective tax burden. The regime also establishes that the final tax on imported products remains at 4%, following a specific calculation. The products benefited include electronics, appliances, medicines, vehicles, and food, categories that represent significant volumes in foreign trade operations.
The requirements to join RioComex
Not every company can automatically benefit from the regime. To join RioComex, companies must meet requirements that Rio de Janeiro has established to ensure that tax benefits translate into real economic activity in the state. The company needs to be registered in Siscomex, maintain fiscal regularity with Sefaz and the State Active Debt, and perform customs clearance at ports or airports located in the state of Rio.
It is also required to maintain a minimum level of ICMS collection, which prevents companies from benefiting from the regime without generating tax revenue. The ICMS cannot be offset with accumulated credits nor with reimbursement values of tax substitution. The adhesion is formalized by request to Sefaz, filed in the Electronic Information System of Rio de Janeiro, and the definitive regulation will be made by the Executive Power.
The example that exposes the distortion
The deputy Guilherme Delaroli, acting president of Alerj who led the voting on the project, used a practical example to illustrate the problem that RioComex aims to solve. Manufacturers like BYD import vehicles that pass by the coast of Rio de Janeiro, make small unloads at the ports of Rio and then proceed to states with lower ICMS. Afterwards, the companies still need to pay return freight to distribute the vehicles in the Rio de Janeiro market.
The logic is detrimental to the state: Rio de Janeiro loses the import operation, loses the ICMS, loses jobs in logistics and warehousing, and still bears additional transportation costs when the products return to be consumed in its own territory. Delaroli classified the regime as essential to strengthen the naval industry, reactivate the ports of Rio, and enable Rio de Janeiro to operate at the capacity its infrastructure allows.
What’s at stake for the economy of Rio de Janeiro
RioComex is the centerpiece of a strategy that seeks to reposition Rio de Janeiro in Brazilian foreign trade. If the sector’s projections are confirmed, the regime could generate R$ 2.1 billion annually in ICMS revenue that currently simply does not exist in the state’s account. The 22,000 jobs forecasted include positions in logistics, transportation, warehousing, customs brokerage, and port operations.
The challenge is to convince the trading companies already operating in Santa Catarina and Espírito Santo to transfer operations to Rio de Janeiro. The tax regime is a necessary condition, but not sufficient: the state needs to offer port efficiency, agility in clearance, and a stable regulatory environment for trading companies to make the migration. RioComex opens the door, but what will determine success is what Rio de Janeiro does after the companies enter.
Do you think RioComex will be able to bring imports back to Rio de Janeiro, or have Santa Catarina and Espírito Santo already consolidated an advantage that’s hard to reverse? Tell us in the comments.
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