The Regional Superintendence of the Brazilian Revenue Service of the 8th Tax Region (SRRF8th), by means of answers to 4 consultation proceedings (n. 313, n. 314, n. 315 and n. 316, all of December 17, 2012), brought clarifications to the financial institutions about PIS and COFINS levied on the monetary variations consequent of court deposits.

They clarified that in the case of a financial institution subject to the cumulative regime, the revenue from credit monetary variations, consequent of the monetary variation of the tax-related deposits made into court or administratively, is not covered by the applicability of the PIS/COFINS because it does not constitute revenue from business activity, therefore it is not subject to such contributions.

(Enquire Solution n. 313, Dec. 17.2012, DOU-I, Feb. 04.2013 / Enquire Solution n. 314, Dec. 17.2012, DOU-I, Feb. 04.2013 / Enquire Solution n. 315, Dec. 17.2012, DOU-I, Feb. 04.2013 / Enquire Solution n. 316, Dec. 17.2012, DOU-I, Feb. 04.2013).