Recoverable Taxes

12 Months Ended

Dec. 31, 2018

9. RECOVERABLE TAXES


	2018		2017
Current
ICMS (VAT)		80		71
PIS and Pasep		4		12
Cofins		21		56
Others		19		35

		124		174
Non-current
ICMS (VAT)		240		225
PIS and Pasep		—		1
Cofins		—		3
Others		2		2

		242		231

		366		405

The ICMS (VAT) credits that are reported in non-current assets arise mainly from acquisitions of property, plant and equipment, and intangible assets, and can be offset against taxes payable in the next 48 months The transfer to non-current is made in accordance with management’s best estimate of the amounts which will likely be realized after December 31, 2019.

Credits of PIS, Pasep and Cofins generated by the acquisition of machinery and equipment can be offset immediately, in accordance with Law 11,774/08.