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Rio de Janeiro creates tax regime that seeks to incentivise environmental initiatives
01/09/2022 Since 4 months

The municipality of Maricá, east of Rio de Janeiro, Brazil, approved a new law at the end of 2021 that establishes a new tax regime for environmental protection initiatives, such as so-called “green currencies” or sustainable cryptocurrencies and green funds. The Service Tax (ISS) rate paid by companies located in Maricá that provide environmental services will be reduced from 5% to 2%.

Beneficiaries include fintech companies, environmental assets, startups that provide these services, in addition to management activities and funds that fall under this scope of action. Green bonds and currencies will be created and used in service provision contracts. The reduced taxation of environmental services will take place during the settlement phase of the green voucher, i.e. when the service provider settles the green currency and converts it into cash.

The City’s plans also envisage the use of clean energy in public buildings, promoting the revitalisation and repopulation of the Maricá lagoons.

This post is also available in: Spanish

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