As 2022 draws to a close, Decree No. 11,322/2022 was issued, reducing the Pis/Cofins tax rate on financial income from 4.65% to 2.33%.
As taxpayers’ joy is short-lived, the aforementioned Decree was soon revoked by Decree No. 11,374/2023, which also sought to innovate the Brazilian legal system, insofar as it attempts to reinstate Decree No. 8,426/2015, in a true “pretend” that the reduction in the tax rate did not occur.
Although everything happened in a matter of days, the fact is that the revocation of Decree 11,322/2022 must observe the ninety-day period to be valid, under penalty of offending the Federal Constitution.
Therefore, taxpayers subject to the calculation and collection of Pis/Cofins may challenge the revocation of the rate reduction, in order to recover amounts unduly paid under this heading in the first 3 months of 2023.
It is worth remembering that the concept of Financial Income, for the purposes of levying contributions, covers not only income from financial investments, but also interest, fines and discounts obtained in negotiations with suppliers and customers.
