New amnesty law will enable the regularization of companies

Last Wednesday (09/25/2019), the Municipal Chamber of São Paulo approved the Real Estate Amnesty Bill (No. 171/2019) for regularization of residential and commercial real estate built or renovated until 07/31/2014.

The project presented by the City Council proposes three forms of regularization: (i) automatic; (ii) declaratory and; (iii) cases that do not fit into the previous categories.

Upon observance of the foreseen exceptions, the beneficiary owners who comply with the legal requirements will not be charged ISS (Services Tax) and IPTU (Urban Land and Building Tax), but may afford financial compensation as an expensive/onerosa grant fee.

In addition, the legal entity that regularizes may obtain the necessary permits/licenses/registrations for its activity, enabling operations, financing, transactions, giving the property as security, etc.

For the moment, Bill No. 171/2019 awaits sanction from the Executive, which has 30 (thirty) days to appreciate it.

The Public Law and Regulatory Department of NHM Advogados will keep following up the legislative developments of the bill, and it will be at your service to render any assistance related to the issue.

By Renato Poltronieri, NHM Regulatory Consultant and Lawyer.