PIS/Cofins rules are amended

Published on July 18 by the Federal Revenue Service, RFB Normative Ruling No. 2,152/2023 amended the rules that govern the calculation and collection of the contributions for the Social Integration Program (PIS/Pasep) and Social Security Financing (Cofins). Aiming at streamlining business compliance, the document consolidates several regulations and incorporates recent court decisions.

Among its provisions, the rule waived the collection of the PIS/Pasep and Cofins taxes levied on revenues from the domestic sale of oil to refineries for fuel production in the country, until December 31, 2023. These waivers will be converted into a 0% rate once the oil has been allocated for fuel production.

There have also been changes in the taxation of revenue earned by producers and importers from the sale of various products, including alcohol, gasoline and biodiesel. This is expected to have major effects on the oil & gas and biofuels industries, as they will enjoy significant reductions in their contribution rates.

Another highlight is that the regulation has zeroed the rates on revenues from event activities carried out under the Emergency Program for Resumption of the Events Sector (Perse) and from air transport services for traveling passengers.