When the lights went out in the year 2022, Decree No. 11,321/2022, which reduced the PIS rate from 0.65% to 0.33% and the COFINS rate from 4% to 2% on financial income earned by companies subject to the non-cumulative regime of these social contributions, came into effect. But, on the same day i.e. 1 January 2023, the new President, Luis Inácio Lula da Silva, edited Decree No. 11,374/2022, revoking the recently edited Decree No. 11,321/2022. As a result, PIS and COFINS rates on financial income returned to their initial levels.
Notwithstanding the revocation, the reduced rates of PIS and COFINS on financial revenues were in effect for 24 hours, so that their reinstatement should observe the principle of 90-day precedence. Thus, taxpayers will be able to claim, through the filing of a judicial measure, the application of the reduced rates of PIS and COFINS until 2 April 2023, inclusive, or even the refund of amounts paid in excess for the aforementioned contributions in the aforementioned period.
Check out the newsletter, in Portuguese, written by our Tax team on this subject. Visit: https://lnkd.in/dkcgBYNU
