Cooking gas price may drop by R$ 3.40 with ICMS change, says Felipe Salto

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The Secretary of Finance and Planning of the state of São Paulo and former executive director of the IFI, Felipe Salto, in an interview with CNN stated that the change in ICMS (Tax on the Circulation of Goods and Provision of Services) that took place after following a definition by the National Council for Finance Policy (Confaz) could cause the price of cooking gas to fall by R$ 3.40.

In this way, the domestic utensil sold in São Paulo will have a reduction of approximately R$ 850 million in revenue. Another impact also presented by the secretary was R$ 0.48 in the price of gasoline in the state.

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He also pointed out that the effect of changing the rate and the calculation base can reach R$ 12 billion, if the effects of the energy rate are not considered. “But if we lose out on the basis of calculation [a questão energética]we can lose R$ 18 billion, in the horizon of 12 months”.

In any case, Salto pointed out that the state of São Paulo has a high level of cash and a fiscal situation that allows it to accommodate the drop in revenue. However, he warns that other secretaries from different states have a greater concern with revenue.

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ICMS is a tax that guarantees state revenue, with more than 20% going to health and education.

Until the night of this Friday (1st), thirteen states had announced the reduction of ICMS on fuel, according to a survey carried out by the CNN . They are: Alagoas, Espírito Santo, Bahia, Goiás, Maranhão, Minas Gerais, Paraná, Rio de Janeiro, Rio Grande do Sul, Rondônia, Roraima, Santa Catarina, São Paulo.

Source: CNN Brasil

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