Novelty In The Application Of The Bonded Warehouse Regime

Author:Mr Ivan Tauil and Roberta Caneca
Profession:Tauil & Chequer
 
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Keywords: bonded warehouse regime, oil, natural gas, importation, storage, import taxes

Decree No. 8138/2013 provides that the Special Customs Warehouse System could be applied to equipment intended for research and production from deposits of oil and natural gas under construction or conversion in the country, hired by companies abroad and scheduled by the executive branch of government.

The special system for importation allows for the storage of foreign goods in public customs warehouses with suspension of payment of import taxes. On export there are two types of system (ordinary and extraordinary), and the storage of goods for export from a bonded warehouse is also authorized.

The goods to which the benefit is applicable are the modular units for oil and gas platforms; shuttle tankers, support vessels, FPSOs - floating production, storage and offloading units; platforms for drilling, production, research and exploitation of oil and gas; drillships; pipe-laying ships, seismic research vessels, cable-laying ships; well intervention vessels, diving support vessels, ship cranes, Pipelay Support Vessels (PLSV); FSO - floating storage and offloading units, and jackets.

The beneficiaries are permitted operations in shipyards or other industrial facilities for the construction of units for the purposes described.

Originally published November 12, 2013

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