Today the Federal Government has converted into Law the former Executive Decree that granted tax benefits for activities related to the FIFA World cup in Brazil.
Named Act 12.350, the bill describes a series of benefits to be granted to all FIFA's suppliers and service providers, as well as to FIFA itself. The benefits include:
*Exemption of Income Tax and all related taxation;
*Exemption of Importation duties for the equipments to be used during the games
Moreover, the bill brings several tax easements for the companies involved in the restoration or construction of sports arenas, in a set of measures that has been called RECOPA. It includes many exemptions applicable to the raw materials, either imported or purchased in Brazil.
There is no doubt that this Act brings many business opportunities to sport and medical equipment suppliers, as well as to real estate ventures willing to contribute to the Brazil World Cup.
As for me, I'm crossing my fingers. Go Brazil.