The Brazilian state of São Paulo has established a program that allows for the settlement of ICM / ICMS tax liabilities with reductions in penalty and interest assessments.
The ICMS—Imposto sobre Circulação de Mercadorias e Serviços—is a state-level sales tax imposed on the physical movement of merchandise. The ICMS is also levied on certain inter-state and inter-municipal services. The ICM is a state-level tax imposed on the circulation of goods.
The program—Programa Especial de Parcelamento (PEP)—allows for resolution of tax debts:
The PEP settlement regime is available from 16 November 2015 to 15 December 2105.
Read a November 2015 report (Portuguese) prepared by the KPMG member firm in Brazil: Programa Especial de Parcelamento do ICM/ICMS São Paulo
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