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Mercados

Brazil clothes group Guararapes gets $303 mln tax credit

BRASILIA, April 1 (Reuters) - Guararapes Confecções S.A. , which owns Lojas Riachuelo, one of Brazil’s largest retailers, said on Monday that the federal revenue service has agreed to a 1.17 billion reais ($303 million) tax credit sought by the company.

Guararapes said in a securities fling that the credit resulted from a court decision allowing the exclusion of the ICMS sales tax from calculations of PIS/COFINS payroll and social security tax credits. (Reporting by Anthony Boadle; Editing by Stephen Coates)

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