Provisional Measure No. 694, enacted on September 30, 2015, is
no longer valid, in view of the expiration of the deadline for its
conversion into law. The MP should have been converted into law up
to March 8, 2016, but the Senate did not submit the text to
polling.
The main changes proposed by MP 694/2015 were the following:
Interest on Net Equity
Increase of the WHT rate levied on IOE from 15% to 18% and limitation of the maximum IOE amount up to the TJLP, pro rata
die, or 5% per year, which were the lowest.
Petrochemical and Chemical Industry PIS/COFINS
Increase of the PIS/COFINS rates applicable in the industry and
revocation of differentiated rates provided for imports to be made
in the years of 2017 and 2018, as well as revocation of certain
specific provisions regarding presumed credits granted to
petrochemical companies and credit discounts of PIS/COFINS.
