On December 28, 2016, SEFAZ Resolution No. 1050 was published in the Official Gazette of the State of Rio de Janeiro, thereby suspending all administrative proceedings in the State Tax Secretariat sphere whose object is to grant, extend or renew tax and financial benefits to legal entities and that were filed before or after October 28, 2016.
The suspension is also applied to proceedings in the appeal phase, and also consider with no effect the favorable decisions to taxpayers granted since October, 2016.
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Observations in this update about Brazilian law are by Tauil & Chequer Advogados and are not intended to provide legal advice. Any entity considering the possibility of a transaction must seek advice tailored to its particular circumstances.