Explaining Fundap

On May 22, 1970, the Fundap - Fund for the Development of Port Activities was instituted, through Law No. 2,508 as an alternative to ES economic development that was hitherto based on coffee monoculture. These are the benefits of FUNDAP and its operationalization? whose operations are subject to the collection of ICMS in Espírito Santo and that do not involve the commercialization of semi-drafted steel products, iron ores, including pellets, coffee, cocoa, wood, cellulose, native forest charcoal, liquid or gaseous fuels, marble and granite in blocks, cement and wheat flour. (Decree 4.357-N, of 10/11/1998). 1 - Import occurs; 2 - Imported goods are admitted to the country and enter the importing establishment, through the clearance carried out in the territory of Espírito Santo; 3 - ICMS has postponed its collection (Decree 1.010 -R of 05/03/2002) to the 26th (twenty -sixth) day of the month following the generating fact; 4 - After this period, the ICMS shall be collected to the state coffers, in its full and nominal value, due to the exit value of those assets; 5 - After the collection of ICMS, Bandes finances 8% of the sale value of the goods (approximately 67% of the ICMS collected), considering the exits performed at the rate of 12%. 25 years. Of this, as it is a financial incentive, the company must present another guarantee of the majority of the company of the border company or third parties, individuals or legal entities. />
Through this mechanism, the Foundapians may settle their financing contracts in advance, provided that it is by payment in the current currency of the country of at least 10% (ten percent) of the outstanding balances of existing contracts on the date of settlement. Fundap is again compatible with its business (if there is an operational limit for Fundap financing, with each contract that the company makes with Bandes this limit is reduced and the auction provides the return of this limit to what the company needs). Cunha Olírica / (27) 3026-5566/ (27) 3029-3108/ (27) 3029-0866 www.oliricacunha.com.br Address: Ed Enseada Tower - Av. João Batista Parra, 673 - Room 1301 - Suá Enseada, Vitória - ES, 29052-123