ICMS SP: new rules for credit utilization for machinery and equipment, in the cases it specifies.
The Governor of São Paulo announced on January 10th new rules for the launch and use of ICMS credits for the acquisition of machinery and equipment used by the agroindustry and the food industry, such as dehydrated dried fruit producers, cookies and crackers manufacturers, pasta, dairy and others.
The decree aims to stimulate the modernization of São Paulo industry. The Planning Secretary explains the change. “Before the ICMS credit of the purchased asset was gradually appropriated over 48 months.
Now the credit is full and immediate.” To implement the measure, the Governor signed Decree No. 64,687 / 2019, which is already in force.
In practice, deferral allows companies to postpone the payment of ICMS on equipment and machinery purchases.
The tax on importation of machinery without national similarity is also suspended and will only occur when the equipment enters the importing company. The measure meets an old dairy industry claim.
If the option is to purchase equipment produced in São Paulo, companies can receive at once the amount corresponding to the tax credit. Previously, total repayment was made over 48 months.
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