In order to standardize the decisions handed down by the ordinary chambers, the Superior Chamber of the Tax Court of São Paulo (Tribunal de Impostos e Taxas do Estado de São Paulo – TIT/SP) approved, at its session held on August 31, four new Precedent Statements that will serve as basis for future judgments on subjects discussed before the administrative court. Three of the statements deal with issues related to the use of ICMS credits, while one deals with the updating of the amount of tax liability charged by a tax assessment. The matters dealt with in the statements are as follows:
- Summary 09 – statute of limitation of tax assessments in cases related to improper use of credits;
- Summary 10 – interest rates applicable to the tax and fine;
- Summary 11 – write-off of ICMS credits related to illegitimate tax benefits;
- Summary 12 – booking of credits in operations whose subsequent exit is benefited by reduction in the taxable base.
The approval of the new statements is not only an important tool to speed up the resolution of disputes between taxpayers and the tax authorities, but also serves as a guide in the interactions between the Treasury and taxpayer. However, the new statements governing certain matters by the TIT/SP does not prevent taxpayers from discussing the subject both at the administrative level as well as before the Courts.
Visit us at Tauil & Chequer
Founded in 2001, Tauil & Chequer Advogados is a full service law firm with approximately 90 lawyers and offices in Rio de Janeiro, São Paulo and Vitória. T&C represents local and international businesses on their domestic and cross-border activities and offers clients the full range of legal services including: corporate and M&A; debt and equity capital markets; banking and finance; employment and benefits; environmental; intellectual property; litigation and dispute resolution; restructuring, bankruptcy and insolvency; tax; and real estate. The firm has a particularly strong and longstanding presence in the energy, oil and gas and infrastructure industries as well as with pension and investment funds. In December 2009, T&C entered into an agreement to operate in association with Mayer Brown LLP and become "Tauil & Chequer Advogados in association with Mayer Brown LLP."
© Copyright 2017. Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. All rights reserved.
This article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.