The ministers of the Federal Supreme Court (STF) formed this Monday a majority in favor of the Union in a ruling made in the virtual plenary that provides for the payment of federal taxes by financial institutions, in an action with an estimated impact by the Ministry of Finance of 115 billion euros real.
Six ministers have so far spoken out in favor of the government, disagreeing with the rapporteur, retired minister Ricardo Lewandowski. Ministers Gilmar Mendes, Cármen Lúcia, Alexandre de Moraes, Roberto Barroso and Nunes Marques accompanied Dias Toffoli’s vote against.
The STF is discussing whether the basis for calculating the Pis/Cofins levy on the financial income of banks, intermediaries and insurance companies from 2000 to 2014 should include total revenues or only the proceeds deriving from the sale of products or services.
In a vote on Friday, Toffoli argued that the notion of invoicing contained in the Constitution for financial institutions has always reflected the gross income expressed as operating income, which allows “to withdraw the contribution to Pis and Cofins on the gross operating income deriving from their typical activities”.
The rapporteur of the appeal had voted to accept the agreement between the banks and propose that the calculation basis for the collection of the Pis/Cofins be made up of the revenues from banking, financial and lending activities deriving from the sale of products and services, without considering the revenues obtained with return on capital.
The Brazilian Federation of Banks (Febraban) disagrees with the Finance Ministry’s calculations and says it has carried out a survey that estimates the values under discussion in the STF ruling at 12 billion reais, citing data from nine banks.
Source: Terra
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