Belo Horizonte reduces taxes for Tech Companies

Belo Horizonte reduces taxes for Tech Companies

The Municipality of Belo Horizonte (MG) announced that it will reduce from 5% to 2% the Tax on Services (ISS) for new companies in the technology sector and for those who decide to expand their activities in the municipality. The measure aims to attract more investment into the areas of innovation and technology.

Belo Horizonte already hosts development centers for Google, Embraer, Csem Brasil (solar panels), Swedish Hexagon (software for mining) and other companies. The city has also become one of the country’s main startup ecosystems, with around 420 startups in operation today.

In order to accommodate new startups and creative economy businesses an old 25-story building in the center of the capital will be renovated and should reopen mid 2019. The P7, as it is called, is a partnership between the Federation of Industries of the State of Minas Gerais (Fiemg), Sebrae and the Economic Development Company of Minas Gerais (Codemig), with support of the municipality of Belo Horizonte.

Source: Valor Econômico and Municipality of Belo Horizonte