Friday, February 14, 2020

Cemig studies how to pass on R$ 4.1 billion to consumers

Cemig (CMIG3; CMIG4) studies how to pass on R$ 4.1 billion to consumers of its electricity distribution services. The money is part of the R$ 7.2 billion that the mining concessionaire obtained with the victory in a lawsuit carried out in May last year. The process requested the exclusion of ICMS from the pasep and cofins calculation base. According to a relevant fact, the company raised, on Thursday (13), R$ 1.186 billion and R$ 196 million, respectively, related to these taxes. The effects of the court decision have already been recorded in Cemig's third quarter of 2019 balance sheet, released in November. In the period, the impact of the victory on net income was R$ 1.969 billion. The company adds that the "competent bodies" still need to define how will be the transfer of R$ 4.1 billion to consumers, "in the context, also, of the recovery of resources, by compensating future taxes payable from Pasep and Cofins and/ or the receipt of precatories."
Money Times - 14/02/2020 News Item translated automatically
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