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Entrance Practice Test & Exam Prep | Brazil

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A metallurgical industry in Lauro de Freitas/BA acquires an industrial smelting furnace for its fixed productive assets (ativo imobilizado) for R$ 480,000.00, with ICMS highlighted on the fiscal invoice at 18% (R$ 86,400.00). In the first month of operation, the establishment records: Total Taxable & Export Outflows = R$ 800,000.00; Total Outflows (including exempt/non-taxable) = R$ 1,000,000.00. Under Bahia Law No. 7.014/1996 and the CIAP (Controle de Crédito de ICMS do Ativo Permanente) rules, what is the allowable ICMS credit for this first month?
Correct Answer:
R$ 1,440.00

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