New provisional measure grants PIS and COFINS incentives

The Contribuição para o Programa de Integração Social (PIS) and the Contribuição para o Financiamento da Seguridade Social (COFINS) are two federal taxes that generally apply on gross revenues and on imports, at a combined rate of 9.25%. Currently, these two taxes are, in most cases, levied according to a non-cumulative regime. Under this regime, the effect of the overlapping of the PIS and COFINS charges are reduced as the taxpayers may credit the PIS and COFINS paid in previous…