ALERT: Customs Regime – Amendments to the REPETRO-SPED and the coastal navigation

05.April.2019

Published today the IRS Normative Ruling N. 1,880/19 which amended the Normative Rulings nº 1,415/13; 1,600/15 and 1,781/17, respectively, REPETRO, Special Customs Regime and REPETRO-SPED.

Without prejudice of a more detailed analysis, we listed below the more relevant amendments to the regimes:

REPETRO-SPED

Revoking the need for Guarantee in all  cases under the REPETRO-SPED;

PSVs (Platform Supply Vessel) inclusion in the Annex II (assets temporary admitted);

Revoking the concept of industrial vessels;

REPETRO-SPED habilitation allowed for companies that issue Single Eletronic Tax Invoices (Nota Fiscal Avulsa Eletrônica);

Inclusion of a temporary limitation for the LIBOR application, in the net present value calculation for the fees related to the bareboat charter, rental, assignment, disponibilization or lease of assets, for purposes of the qualification under the regime;

Possibility of reducing the customs value of assets, up to the limit of the damage suffered due to fire, collision, shipwreck, seaquake (tsunami) or any other causality;

CABOTAGE SPECIAL CUSTOMS REGIME

Revoked the provision that allowed the automatic procedure for temporary admission for vessels destined to cabotage.  The Brazilian Shipping Companies with vessels admitted automatically in the country must adopt the necessary measures for registration of the temporary admission up to 30 days counted from the IRS Normative Ruling N. 1,880/19.

Source: Kincaid-Mendes Vianna Advogados

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