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2) ICMS-E - institutional rules (1) Redistribution of Value Added Tax (VAT) defined by Brazilian constitution 75% go to states where VAT was generated - —- 25% go to municipalities, of which ... STATE (75%) MUNICIPALITIES (25%) Added Value 75% of 25% (18,75%) State Criterion 25% of 25% (6,25%) source: http://www.icmsecologico.org.br/

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