Promulgated on July 2, 2024, Complementary Law No. 208/2024 established a new framework for the sale of credits that the Union, States and Municipalities are due to receive.
The main change concerns the possibility of assigning receivables arising from tax and non-tax credits, including when such credits are registered as active debt. This regulates a new way for various political entities to anticipate revenue.
The assignment of credits, whether tax or not, will have more restricted contours, since the Complementary Law itself determines that such credits may only be transferred to
legal entities under private law or investment funds regulated by the Securities and Exchange Commission, and in accordance with a specific law that authorizes the assignment.
Although the aforementioned law makes the anticipation of receivables by the Government in its different spheres more flexible, the fact of life is that the issue still faces regulatory challenges, whether due to the possible discount to be applied, or even to impose possible limitations on access to quotas of funds holding such credits and the way they are commercialized in the market, so that such a mechanism does not become a Fundap with a new look.
Another important change was the amendment to the National Tax Code, to allow the statute of limitations to be interrupted by protest, whether judicial or extrajudicial.
