New tax benefit for raw material good in February
Valor Econômico
The industrial sector will have exemption in the payment of federal taxes both in the purchase of inputs for the manufacturing intended abroad and for the sale in the domestic market. The tax benefit was established through the Stock Replenishment Drawback and it will be good for the import of raw materials and for intermediate items and for the purchases made from domestic suppliers. The conditions of the incentive were published yesterday in the "Federal Official Gazette" in the Administrative Rule No. 3, in a conjunct act of the Federal Revenue and Secretariat of Foreign Commerce (Secex). The benefit shall take effect in the end of February.
To have access to the tax exemption, the industry will have, first, to prove the import of raw materials, input or product used in the manufacture of an item intended abroad. The company will also have to have collected the federal taxes regarding this import operation. After the procedures have been completed, the manufacturer shall request the Secex, by means of the agencies of Banco do Brasil, the qualification to the Stock Replenishment Drawback. To do that, the company shall request the exemption of taxes for the import or for purchase in the domestic market of the same item it imported previously (or an equivalent item), with the same standard of quality the first operation featured.
Once the authorization is obtained, the manufacturer will have a year to make the purchase. In the case of imports, the company shall not collect import tax, whose average tax rate is 10%, Excise Tax (IPI), whose highest tax rate is 20% neither PIS/Cofins (Social Integration Program / additional mandatory contribution to the financing of social security) on imports, whose tax rate is 9.25%. In case of purchasing the item in the domestic market, the manufacturer will not pay IPI and PIS/Cofins. The exemption also applies to the acquisition, in the domestic or foreign markets, of goods used in the repair, creation, cultivation or extractive activity of an already exported product.
The Government's assessment is that, with the changes, the system of collection in the drawback intended to the replenishment of stocks will be used more frequently by the industry and by the agribusiness, since that tax system may be used not only for the manufacture of items intended for export, but also for the production intended for the domestic demand. The Stock Replenishment Drawback will be in effect in 60 days from today. According to the Federal Revenue, the Secretariat of Foreign Trade has requested a term for the effective operation of the tax system, because it is necessary to prepare the forms and the system of which the manufacturers will apply for the qualification to the new system.