Samsung was the most benefited, with R$1.3 billion in credits granted in 2024; incentive policy seeks to stimulate certain sectors
Samsung, Apple, Dell and Motorola obtained R$3.7 billion in discounts on (Tax on Circulation of Goods) in the State of São Paulo during 2024. Samsung was the most benefited company, with R$1.3 billion in credits granted, according to a list published by paulista. Here’s the (PDF – 630 kB).
In the meatpacking sector, 3 large companies also received significant amounts in tax benefits. JBS obtained R$489 million, Seara R$224 million and Marfrig R$192 million, totaling R$905 million in discounts.
The benefits were granted through the granted credit mechanism, which covers specific sectors with reduced ICMS rates. This instrument allows buyers to charge credits on taxes not actually collected by manufacturers.
The tax incentive policy seeks to stimulate certain economic sectors, reducing their tax burden. The credit granted works as a way of reducing taxation for areas considered strategic in the São Paulo economy.
The 10 companies that received the most discounts represent approximately ⅓ of the São Paulo government’s tax waivers through this instrument. They are:
- : R$1.3 billion;
- : R$995 million
- : R$739 million;
- : R$722 million;
- : R$411 million;
- : R$348 million
- : R$233 million;
- : R$224 million;
- : R$192 million;
- R$182 million.
In total, the State renounced R$15 billion in revenue through this mechanism in 2024. The sectors most covered were food manufacturing, wholesale trade, manufacturing of IT products, textiles and land transport, which together received R$13 billion in benefits.
Sefaz made a reservation about the numbers presented. “In some cases, the credits granted are granted to taxpayers in substitution for the use of other credits, and, therefore, the amounts assessed may, to a certain extent, overestimate the revenue waiver involved”stated the secretariat.
The disclosure of data is carried out in a context of greater pressure for fiscal responsibility and transparency about tax benefits. This initiative follows a policy similar to that of the Federal Revenue, which began to require companies to electronically report the tax benefits received.
