Discontinuation of SISCOSERV19/08/2020
Por: Gabriel Paranaguá
This week, the Ministry of Economy communicated that the SISCOSERV will be definitively discontinued. This decision comes after almost 10 years of its existence and many discussions on its legitimacy, and on its rules for completing and calculating penalties. SISCOSERV was created in 2011 and was conceived to collate economic and commercial information related to transactions between residents in Brazil and abroad, related to services, intangibles and “other transactions that produce asset variations.” However, the creation of yet another ancillary obligation in Brazil and the suspension of deadlines to present transactions with foreign parties led to an expectation that the institution would be extinguished. This decision aligns with the principles of the Economic Freedom Law which resulted in “a broad process of de-bureaucratization, facilitation and improvement of the business environment promoted by the Federal Government” as declared by the Ministry of the Economy.
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