Brazil’s São Paulo governor announces ICMS tax reduction for state’s bars and restaurants

The state will collect R$100 (US$19) million less per year with this reduction. According to Finance Secretary Henrique Meirelles, food and beverage companies suffered the full impact of the pandemic.

RIO DE JANEIRO, BRAZIL - Governor João Doria on Wednesday, September 15, announced a reduction in the ICMS (value-added tax on circulation of goods) for bars and restaurants in the state.

According to the governor, the rate, which is currently 3.69%, will drop to 3.2%.

"The reduction will benefit some 250,000 companies and this was only possible after many discussions with the sector. This means a 13% reduction in cost. The sector that employs the most in the state needs this reduction," explained Meirelles in a press conference at the Bandeirantes Palace.

Doria also announced a . . .

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