Sunnyvale, CA (PressExposure) March 15, 2013 -- The Decree 58.811/12 issued on December 30, 2012 announced the PEP program that is expected to benefit companies doing business in Brazil that have ICMS debts with the tax Authorities of the Sao Paulo state and wherein the legal payment term for the debt has already expired.
The PEP scheme grant discounts on the payment of ICMS liabilities arising from events that occurred prior to July 31, 2012. Under the program, there is reduced penalty and interest on debts arising from all events that happened prior to July 31, 2012 even if they were not registered as debts.
If a lump sum amount is paid then the taxpayer is eligible for 75% reduction in the penalty amount and 60% in interest reduction; or If the amount is paid in up to 120 installments then the taxpayer is eligible for 50% reduction in the penalty amount and 40% in interest reduction. The settlement of ICMS debts also applies to debts spontaneously reported to the tax authorities and certain ICMS liabilities of taxpayers subject to the rules of the National SIMPLES Scheme.
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