Brazil: São Paulo State Government to reduce VAT on gasoline

The loss of revenue with the measure reaches R$4.4 billion (US$840 million) and will reduce state investments in education and health.

RIO DE JANEIRO, BRAZIL - The governor of São Paulo, Rodrigo Garcia (PSDB), announced on Monday, June 27, that the state will immediately reduce the VAT tax rates (ICMS) on gasoline from 25% to 18%, which may cause a reduction in the price at the pumps of at least R$0 . . .

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