The Attorney General Office of the Brazilian Treasury (Procuradoria Geral da Fazenda Nacional – PGFN) issued on February 7, 2013, Opinion/PGFN/CAT n. 202/2013 stating that it understands that the amount profit that can be paid with Income Tax relief, as per Section 10 of Law n. 9.249, of February 26, 1995, must be calculated as per the Transition Tax Regime (Regime Tributário de Transição – RTT), established by Law n. 11.941, of May 27, 2009, and does not correspond to the corporate profit, calculated according to the new accounting rules established by Law n. 11.638, of December 28, 2007 (changes in the Corporation Law – Law n. 6.404, of December 1st, 1976).

PGFN grounds this position arguing that the accounting rules established by Law n. 11.638/2007 cannot produce tax effects and the provision Section 10 of Law n. 9.249/1995, a tax law, cannot be considered separately from the tax neutrality provision brought by the RTT.

(PGFN/CAT Opinion n. 202, Feb. 07, 2013. Available at: <>. Access in: May 2013).