Foreign tourists could soon benefit from a tax exemption on purchases made in stores across Rio de Janeiro. The “Tax Free” initiative allows for the refund of the Imposto sobre Circulação de Mercadorias e Serviços (ICMS) on goods bought by non-resident individuals in Brazil.
Aimed at attracting visitors and boosting consumption in Rio’s commercial establishments, the bill was proposed by the state government and approved on Tuesday by the Legislative Assembly of Rio (Alerj).
However, this tax benefit will not apply to all purchases made by…
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