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by Pinheiro Neto-Advogados
Tax Adjustment Program
On October 28, 1998, the Federal Government announced the Tax Adjustment Program, which increased certain taxes, such as COFINS (Social Security Financing Contribution) and CPMF (Provisional Contribution on Financial Transactions).
Presumed Taxation System
Law 9718/98 allows companies with gross receipts for 1998 of up to R$24 million to opt for the presumed taxation system in 1999. Only companies with gross receipts of up to R$12 million are allowed to opt for such taxation system currently.
Tax on Financial Transactions
The Tax on Financial Transactions (IOF) for insurance activities was also fixed at the rate of 25 percent by such provisional measure (Diario Oficial da Unido, November 11, 1998).
Antitrust Procedures to be Adopted by SDE
On October 29, 1998, the Minister of Justice issued Ordinance No. 753, approving procedures to be adopted by …