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Tax regime aimed at modernizing shipbuilding and making it more dynamic...

Tax regime aimed at modernizing shipbuilding and making it more dynamic...

REPETRO (Regulatory Instruction IN 1415) is a Special Customs Regime applicable to the export and import of goods used in the exploration and drilling for oil and gas reserves and was established in the 1990s. This Customs Regime allows the suspension of federal taxes and administrative fees such as the Contribution for Renovation of the Merchant Fleet charged on the import of goods.  

The Brazilian Federal Revenue Service allows the use of regimes by companies that meet the following requirements:  

I - Company must hold a concession or authorization by the government to explore and drill for oil and gas fields within Brazil’s territory, pursuant to Law No. 9,478 of August 6, 1997;

II – Company hired to provide services consisting of the activities that are the subject matter of the concession or authorization, as well as its subcontractors;

III - Company must be located in Brazil and formally appointed by the company authorized by the Brazilian Federal Revenue Service to import goods that are the subject matter of a freight, rental, operating lease or loan agreement, and needs to prove that the referred goods  are linked to the performance of a service agreement between them.

REPETRO offers tax benefits for the imports of:

  • Vessels (tankers, research vessels and support vessels);
  • Machinery, appliances, instruments, tools and equipment;
  • Exploration and drilling platforms;
  • Automobiles assembled with machinery, appliances, instruments, tools and equipment;
  • Lines, pipelines and umbilical cables;
  • Structures specially designed to support oil platforms.

Among other benefits granted by the regime are the following:

  • Imports on which II - Import Tax, IPI - Federal VAT, PIS - Contribution to the Social Integration Program, COFINS - Contribution for Social Security Funding and ICMS¹ - State VAT are suspended or reduced).
  • Exemption from the payment of taxes when the goods received under the REPETRO regime are reexported.

The Federal Revenue Service sets the following requirements to be met by a company to qualify to operate under the REPETRO:

  • Automated system for regime’s accounting control.
  • System for controlling the status and movement of inventory items subjected to REPETRO.
  • Exploration Concession Agreement issued by regulatory agencies (ANP - Brazilian Oil Agency).
  • Authorization from the Brazilian Navy.
  • Tax compliance.
  • Companies can apply if engaged in: (1) assembling products; (2) transforming, processing and assembling parts and pieces; and (3) packing and repacking products in the production chain of the oil industry.

Commitments made by the beneficiary to remain under the regime:

  • Use the goods within the deadline and solely for the purposes and in the conditions established under the regime.
  • Assume tax liabilities to the Federal Revenue Service.
  • Identify the goods used, produced and exported under REPETRO.
  • Conduct an audit to evaluate what has been achieved under the regime.

¹ Suspension of the ICMS differing at each state.

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