The world is moving towards a low carbon economy to fight global warming causedby increases in anthropogenic emissions of greenhouse gases (GHGs). The carbonmarket beckons as a promising opportunity for Brazil through Clean DevelopmentMechanism (CDM) projects, which result in Certified Emission Reductions(CERs). Although Brazil is responsible for about 7% of all CDM projects in theworld, there is still no specific tax regulation for CERs, thus hindering thedevelopment of carbon market in Brazil. It is essential to have a consistent internalframework that ensures potential investors a minimum security on the legal andfiscal operations with CERs. There are cases of institutions linked to theGovernment which consider the current legislation and that, in light of the variousbills pending in Congress, are not definitive. Such bills have differentunderstandings of the legal classification of CERs and the related taxtreatment. This article claims for an urgent need to issue a regulatory tax for CERs,proposing to eliminate taxes on transactions involving CERs, to encourage the
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