IRS now tracks personal and business financial transactions

By joao • 1 year back

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What do you think of the IRS taking care of all your financial transactions? Either in your personal or company account. Why is this going to happen now that the measure is included in the Tax Agreement on Trade in Goods and Services (ICMS) n. 166/2022, which replaced convention 50/2022.

Among the data that passes through the miguxo's sights are: debit, credit, business card transactions, asset transfers and PIX electronic transactions. The change is expected to have a significant impact on how carefully companies document their tax and general financial transactions.

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Thus, banks of all stripes will have to gradually transfer retroactive information relating to 2022 to their results, in accordance with the timetable established in the agreement.

Therefore, it is important to be prudent and carefully analyze your personal and business tax planning.

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Therefore, any other electronic means of payment must be linked to the tax document issued in the respective operation or requirement.

On the other hand, the National Financial System Council (CONSIF) opposes the measure. He also filed the Direta de Inconstitutionality Activity (ADI) No. 7,276 to question the original agreement.

As well as the justification, it claims that it goes beyond a series of legal restrictions and collects non-tax information, which, among other things, violates the tax secrecy law.

Dates and deadlines for phased implementation are listed below.

IRS now tracks personal and business financial transactions

Action schedule:

  • From January, February, March 2022 to the end of April 2023.
  • From April, May and June 2022 to the end of May 2023.
  • From July, August and September 2022 to the end of June 2023.
  • From October, November and December 2022 to the end of July 2023.
  • From January, February, March 2023 to the end of August 2023.
  • From April, May and June 2023 to the end of September 2023.
  • From August and September 2023 to the end of October 2023.

In the case of Pix, the idea dates back to November 2020, when it started to be used.

incomplete proclamations of donations and transactions that are construed as tax evasion can lead to company claims for up to five years.