Brazil Gazettes Provisional Measure Introducing Requirements for Legal Entities Receiving Tax Incentives

The Brazilian Official Gazette June. 4 published Provisional Measure No. 1,227, introducing new requirements for legal entities receiving tax incentives. The provisional measure includes measures: 1) requiring legal entities to submit an electronic declaration to the Federal Revenue Department (RFB) specifying the tax benefits enjoyed and the corresponding amounts; 2) establishing penalties for legal entities that fail to submit the required tax benefits declaration; and 3) revoking the hypotheses of reimbursement and offsetting of presumed credits for the employer’s social security contribution (COFINS) and social integration contribution (PIS/PASEP). [Brazil, Official Gazette, 06/04/24]

Reference:
View Provisional Measure No. 1,227/2024. View ...