RIO DE JANEIRO, BRAZIL - Brazilian states recalculated in R$32 (US$6) billion the size of their collective losses under the bill that changes the way ICMS (a Value Added Tax on the transfer of goods) is charged to mitigate the rise in fuel prices. The bill was approved by the Chamber of Deputies and is now being processed in the Senate.
In a note, the National Committee of State Finance Secretaries (Comsefaz) says that this loss will occur for both states and municipalities, as the latter receive a share of the state ICMS tax revenues. The previous calculation foresaw . . .
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