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(Isac Nóbrega / PR)
The President of the Republic, Jair Bolsonaro, issued on the night of Monday (1st) a decree and a provisional measure that reduced to zero the contribution rates of the Program for Social Integration and Formation of the Patrimony of Public Servants (PIS) and the Contribution for Financing. the Social Security (Cofins) taxes the sale and import of diesel and liquefied petroleum gas (LPG) for residential use. The measure was published in an additional edition of the Official Gazette of the Federation.
As for diesel, the reduction will be valid during the months of March and April. As for LPG, or cooking gas, the measure is permanent. The gas reduction only applies to LPG destined for domestic use and packed in containers of up to 13 kilos. “The two measures seek to mitigate the effects of price volatility and fluctuations in the exchange rate and oil prices in the international market,” reported the General Secretariat of the Presidency of the Republic.
To comply with the Fiscal Responsibility Law, as a form of tax compensation, a provisional measure was also issued increasing the Social Contribution to Net Income (CSLL) of financial institutions, modifying the regulations on Tax on Industrialized Products (IPI) for the purchase of vehicles by people with disabilities and completion of the Special Regime for the Chemical Industry (Reiq).
Also read: Bank shares close up to 3% with the news of the tax increase in the sector to zero taxes on diesel and cooking gas
“So that the end of Reiq does not affect the measures to combat Covid-19, a presumed credit was foreseen for companies that manufacture products for use in hospitals, clinics, medical offices and vaccination campaigns that they use in the manufacture of these inputs derived from the petrochemical industry, which should neutralize the effect of the end of the regime for these industries, which will remain in force until the end of 2025, ”the General Secretariat reported.
The new IPI rules go into effect immediately. The increase in the CSLL and the end of Reiq will take effect on July 1.
The measures to reduce PIS and COFINS in diesel and LPG will result in a reduction of the tax burden of R $ 3.67 billion in 2021 in this sector. For 2022 and 2023, the reduction in taxation on cooking gas will result in a drop in revenue of R $ 922.06 million and R $ 945.11 million, respectively.
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