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ARTICLE · 06 MARCH 2020

Macaé Launches Municipal Refinancing Program

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Credits that are being disputed or are currently included in installment or re-installment programs may also be included in REFIM.

BrazilTax
Carolina Bottino
Carolina Bottino
Carolina Ferraro
Carolina Ferraro
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The municipality of Macaé in the Brazilian state of Rio de Janeiro has enacted Supplementary Law No. 287/2019, establishing the city’s Municipal Refinancing Program ("REFIM"). REFIM incentivizes the payment of tax and non-tax credits, whether enrolled or not as overdue municipal liabilities, related to IPTU/TSP (Public Services Fees), ISS and other fees administered by the Municipal Revenue Service.

Pursuant to SEMFAZ Resolution No. 16/2019, the final term to adhere to REFIM is April 29, 2020, and credits whose taxable events occurred on or before December 31, 2019, can be included in this amnesty program.

Credits that are being disputed or are currently included in installment or re-installment programs may also be included in REFIM. However, if the taxpayer chooses to join REFIM with credits that are under judicial or administrative discussion, the taxpayer must withdraw from any processes involving these credits, waiving the rights under which they are based.

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Founded in 2001, Tauil & Chequer Advogados is a full service law firm with approximately 90 lawyers and offices in Rio de Janeiro, São Paulo and Vitória. T&C represents local and international businesses on their domestic and cross-border activities and offers clients the full range of legal services including: corporate and M&A; debt and equity capital markets; banking and finance; employment and benefits; environmental; intellectual property; litigation and dispute resolution; restructuring, bankruptcy and insolvency; tax; and real estate. The firm has a particularly strong and longstanding presence in the energy, oil and gas and infrastructure industries as well as with pension and investment funds. In December 2009, T&C entered into an agreement to operate in association with Mayer Brown LLP and become "Tauil & Chequer Advogados in association with Mayer Brown LLP."

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This article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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