On April 4, 2016, Resolution 993/2016 was published in the Rio de Janeiro State Official Gazette, establishing the possibility of granting presumed ICMS credits to infrastructure projects in the state.

The resolution, which incorporates ICMS Convention 85/2011 into the legislation of Rio de Janeiro State, establishes that, every year, such credits may not exceed 5% of the state government’s share of ICMS tax revenues the previous year.

In order to receive these credits, taxpayers must sign an agreement with the Rio de Janeiro State Finance Secretariat, defining the investment and the conditions for executing it. The value of the credits will be limited to the value of the investment defined in the agreement.