Last Friday, January 30, 2015, the Federal Government published Provisional Measure 688/2015, which amended Law 10.865/04 and set higher rates for PIS (Social Integration Program - Imports) and COFINS (Contribution to Social Security Financing - Imports), as well as re-establishing the revocation of the applicability of an isolated fine on the amount of the credit that is the subject of a rejected request for reimbursement.
The increase in rates was due to the recent decision by the Full Bench of the Federal Supreme Court, which ruled out the possibility of ICMS being included in the PIS and COFINS tax base in import operations - see Extraordinary Appeal 559.937. According to the Minister of Finance, Joaquim Levy, the hike was necessary to maintain tax collection, which aims to raise around R$700 million this year from taxes levied on imported goods.
The new rates will come into force on May 1, 2015 and will be as follows:
| Generating event | MP 688/2015 | |
| PIS/PASEP Import | COFINS-Import | |
| Entry of foreign goods into national territory | 2,1% | 9,65% |
| Payment, credit, delivery, use or remittance of amounts to residents or domiciled abroad as consideration for services rendered | 1,65% | 7,6% |
| Imports of pharmaceutical products, classified under headings 30.01, 30.03, except code 3003.90.56, 30.04, except code 3004.90.46, items 3002.10.1, 3002.10.2, 3002.10.3, 3002.20.1, 3002.20.2, 3006.30.1 and 3006.30.2 and codes 3002.90.20, 3002.90.92, 3002.90.99, 3005.10.10, 3006.60.00, | 2,76% | 13,03% |
| imports of perfumery, toiletries or personal hygiene products, classified under headings 3303.00 to 33.07, except for heading 33.06; and codes 3401.11.90, except for 3401.11.90 Ex 01; 3401.20.10; and 9603.21.00 | 3,52% | 16,48% |
| Imports of machinery and vehicles classified under codes 84.29, 8432.40.00, 8432.80.00, 8433.20, 8433.30.00, 8433.40.00, 8433.5, 87.01, 87.02, 87.03, 87.04, 87.05 and 87.06 of the Mercosur Common Nomenclature - NCM | 2,62% | 12,57% |
| imports of products classified under NCM headings 40.11 (new rubber tires) and 40.13 (rubber inner tubes) | 2,88% | 13,68% |
| imports of auto parts listed in Annexes I and II of Law No. 10.485, of July 3, 2002, except when made by the legal entity that manufactures the machines and vehicles listed in art. 1 of said Law | 2,62% | 12,57% |
| Imports of paper exempt from the taxes referred to in art. 150, item VI, d, of the Federal Constitution, with the exception of those referred to in item IV of § 12 of this article, when intended for printing periodicals | 0,95% | 3,81% |
Provisional Measure No. 688/2015 can be accessed here.
http://www.planalto.gov.br/ccivil_03/_Ato2015-2018/2015/Mpv/mpv668.htm
And Law 10.865/04 can be accessed here.
http://www.planalto.gov.br/ccivil_03/_Ato2004-2006/2004/Lei/L10.865.htm
Caminha Advogados' tax team is available for any questions.
