ANNOUNCED AS TEMPORARYYes
Tax or social insurance relief
Effective 1 January 2016, the Brazilian government approved a temporary social insurance contribution relief. Under this intervention, firms in the chemical industry benefit from a 2-step, temporary reduction in the Social Integration Program Contribution and Contribution for Social Security Financing (PIS/COFINS). From 1 January to 31 December 2016, the contribution rate will be reduced from 6.25% to 3.12%. From 1 January to 31 December 2017, the contribution rate will be reduced from 3.12% to 0%.
The intervention is part of the Special Regime of the Chemical Industries ("Regime Especial da Industria Quimica" (REIQ) in Portuguese). The government estimate for this relief's value is 800R$ million (USD 210 million) over two years.
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