Published on 12/01/2023, Provisional Measure No. 1,159/2023 establishes that taxpayers must exclude the ICMS levied on acquisition transactions from the PIS and COFINS credit calculation base when recording the respective credits.
It is noteworthy that, in compliance with the ninety-day rule (principle of noventena), the said regulation established that the change would only take effect from the first day of the fourth month following its publication, that is, on 1 May 2023.
The Brazilian Federal Revenue Service has already issued guidance on how taxpayers should reflect this change in the EFD Contributions. The notice states that the adjustment must be made directly in the credit calculation base, applied individually to each record referring to the fiscal documents.
Thus, with the commencement of this significant change, taxpayers must pay close attention to the calculation of PIS and COFINS for May 2023 and make the necessary adjustments.
The team at Barank Advogados is available to clarify any doubts and provide the necessary support.
