RIO DE JANEIRO, BRAZIL - The ICMS tax on motor fuels and lubricants drew record collections from states in 1Q2022. The federal entities collected R$32.76 (US$6.5) billion in petroleum tax revenues from January to March, up 40.5% compared to the same period in 2021.
The share of sub-items for fuels and lubricants in the ICMS (goods and services trade tax) was 23.4% in 2021. It increased to 28.4% in 2022.
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