Investor Presentaiton

2) The case of the Brazilian ICMS-Ecológico Study object: The Brazilian value added tax revenue is redistributed among municipalities according to constitutionally defined shares and state law criteria ... ...for some states it includes indicators for nature conservation: Imposto Sobre Circulação de Mercadorias e Serviços - Ecológico (ICMS-E) Research question: Does the implementation of ICMS-E create an incentive to designate additional protected areas among Brazilian states? HELMHOLTZ CENTRE FOR ENVIRONMENTAL RESEARCH - UFZ

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