In a monocratic decision published on August 23, 2016, Minister Rosa Weber ruled that it is not the jurisdiction of the Brazilian Supreme Court ("STF") to analyze the reinstatement of the levy of PIS and COFINS on financial revenues, which was established by Decree No. 8,426 /2015.
Although the ruling has no binding effect, the appeal is the first to be tried by a higher court and, consequently, may guide other decisions on this subject.
In parallel, on the same day, the Superior Court ("STJ") began the trial of special appeal No. 1,586,950, whose object is to challenge the re-establishment of the rates of these contributions by a Decree.
The trial was interrupted by a request for the examination of the case records by Minister Gurgel de Faria.
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 2016. 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.