Post by account_disabled on Mar 10, 2024 22:55:48 GMT -8
In a repetitive appeal ruling, the st Panel of the Superior Court of Justice defined that the CPMF applied to symbolic exchange operations. The thesis has application in Federal Courts across the country. This is because the case was judged in accordance with the procedure set out in article -C of the Code of Civil Procedure. The intention is to prevent more appeals on the same matter, already settled in the STJ, from reaching the court.
Symbolic exchange operations, also known as simultaneous exchange operations, are fictitious transactions involving the exit and entry of money into the country. The rapporteur, Minister Luiz Fux, highlighted that the tax is levied on any transaction settled or entry made by financial institutions that represents written or physical circulation of currency.
In the case analyzed, it involved the conversion of an external Austria Phone Numbers List loan into direct external investment in a pig farming company, Topigs do Brasil Ltda. The value came from its majority shareholder, based in the Netherlands. The loan was registered with the Central Bank. The company changed its articles of incorporation with the increase in share capital in the amount related to the external loan.
According to the decision of the st Section, the conversion of the liabilities (arising from the loan) of the Brazilian company into direct foreign investment in its share capital implies carrying out an exchange procedure. This was outlined by the Central Bank with the aim of ensuring supervision and control of the origin and nature of capital entering the country.
Thus, even if the physical movement of values is considered non-existent, the occurrence of written circulation of the currency existed, which led to the collection of CPMF. With information from the STJ Press Office.
Symbolic exchange operations, also known as simultaneous exchange operations, are fictitious transactions involving the exit and entry of money into the country. The rapporteur, Minister Luiz Fux, highlighted that the tax is levied on any transaction settled or entry made by financial institutions that represents written or physical circulation of currency.
In the case analyzed, it involved the conversion of an external Austria Phone Numbers List loan into direct external investment in a pig farming company, Topigs do Brasil Ltda. The value came from its majority shareholder, based in the Netherlands. The loan was registered with the Central Bank. The company changed its articles of incorporation with the increase in share capital in the amount related to the external loan.
According to the decision of the st Section, the conversion of the liabilities (arising from the loan) of the Brazilian company into direct foreign investment in its share capital implies carrying out an exchange procedure. This was outlined by the Central Bank with the aim of ensuring supervision and control of the origin and nature of capital entering the country.
Thus, even if the physical movement of values is considered non-existent, the occurrence of written circulation of the currency existed, which led to the collection of CPMF. With information from the STJ Press Office.