On 08/19/2014, the ICMS Convention No. 76/2014 was published, enacted by the National Finance Policy Council – CONFAZ. It establishes new rules regarding the calculation of the import content in interstate operations with imported goods.

This Convention modifies the ICMS Convention No. 38/2013, which established the rules and proceedings related to ICMS set forth in Senate Resolution No. 13/2012.

The new Convention includes paragraph 5 to Convention No. 38/2013, which contains significant clarifications in the calculation of the import content method in the interstate operations with new products, which might be obtained through: (i) the amount of the imported portion (which, according to clause 4, is the customs value) and (ii) the interstate operation value, to be informed based on the sales price, excluding the IPI and ICMS amounts.

Therefore, the Convention clarifies the calculation method of the import content, when specifically related to new products, which must also be informed in the Import Content Form (“Ficha de Conteúdo de Importação- FCI”), and which was not clear in the previous Convention.

This Convention is effective from October 1st, 2014.