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Federal government publishes Provisional Measure limiting tax compensation

The measure also imposes an obligation on taxpayers to declare their tax benefits, meaning they are required to inform the Federal Revenue Service of the incentives they enjoy, as well as the corresponding amount of tax credit

This Tuesday (4th), Provisional Measure (PM) No. 1,227/2024 was published, bringing significant tax changes. As a PM, it has the force of law, coming into effect immediately; and it must be voted on by Congress within 120 days, under penalty of losing its effectiveness.

The first point concerns the limitation on the use of presumed PIS/Cofins credits. The PM revoked provisions that allowed taxpayers to recover presumed contributions credits in cash. Under the new legislation, companies will only be able to offset said credits against other federal taxes.

Another point, which appears to be the most controversial, refers to the prohibition on offsetting PIS/COFINS credits calculated under the non-cumulative system with other federal taxes.

There was no restriction on offsetting these credits with other taxes, such as Corporate Income Tax (IRPJ) or Social Contribution on Net Profit (CSLL). Now, with the publication of the PM, taxpayers will only be able to offset PIS/Cofins credits with debts of the same contributions. The possibility of requesting reimbursement in cash remains in the cases provided for by legislation.

Additionally, the PM introduced the obligation for taxpayers to declare their tax benefits. Now, taxpayers are required to inform the Federal Revenue about the incentives, exemptions, benefits, or tax immunities they enjoy, in addition to the corresponding tax credit value.

The PM establishes a fine of up to 30% on the value of the tax benefits for taxpayers who fail to report or report the data late.

The Government clarified that the measures aim to balance public accounts, especially due to the payroll tax exemption. A Normative Instruction will be published to detail the changes, especially concerning the declaration of tax benefits.

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

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