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Declaratory Act resumes use of PIS/Cofins credits and maintains the declaration of tax benefits

The act maintains the provision of an ancillary obligation for taxpayers to declare to the Federal Revenue Service the tax incentives they benefit from

On June 12, Declaratory Act No. 36/2024 was published, through which the President of the Senate considered as unwritten the provisions of the recent Provisional Measure (MP) No. 1.227/2024 that limited the cash reimbursement of presumed PIS/Cofins credits and the offset of PIS/Cofins credits calculated under the non-cumulative system with debts of other federal taxes.

Despite possible discussions regarding the validity of the devolution procedure of the MP, it seems that the Government itself is understanding that the sections related to the limitations of the use of PIS/Cofins credits lose their effect.

On the other hand, the MP still contains a provision for a new ancillary obligation requiring taxpayers to declare to the Federal Revenue Service the incentives, exemptions, benefits, or tax immunities they enjoy, in addition to the corresponding tax credit value. Failure to inform or delay in informing could result in a penalty of up to 30% of the value.

The MP does not clarify whether this obligation will extend to tax benefits granted by States or Municipalities and still depends on further regulation.

Depending on this regulation, if the Federal Revenue Service intends to receive information on non-federal benefits, we understand that this will constitute a violation of the federative pact and tax competencies, besides the right to tax secrecy of companies, which could be challenged in court.

The KLA tax team is available to assess the company’s situation and the appropriate measures to protect its interests.

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