The Presidency of the Republic vetoed provisions (arts. 5 and 6) of the Bill to convert Provisional Measure n. 578/2012 into a law, included by the Brazilian Congress with the purposes of extending the time limit of the so-called “Crisis Refis”, established in 2009 to renegotiated the debts to the Federation of individuals and legal entities.

Art. 5 established that the states and municipalities with PASEP debts overdue by December 31, 2011, would have January 28, 2013, as the deadline to adhere to the new program of payment in installments. As a consequence, those debts would be deducted from the credits of the State Participation Fund and from the Municipality Participation Fund.

Art. 6 also extended such term to February 28, 2013, but for companies in connection with the debts managed by the Brazilian Revenue Service.

Provisional Measure n. 578/2012 was converted into Law n. 12.788/2012, published on January 15, 2013, which provides not only for the program of payment in installments of the federal debts, but also for other matters with a tax nature.

Currently, other proposals to extend such program are under examination by the Brazilian Congress. This is the case of Bill n. 3.100/2012 (Rep. Antonio Carlos Mendes Thame - PSDB-SP), as well as Bill n. 3.091/2012 (Representative Nelson Marchezan Júnior - PSDB-RS).

(Law n. 12.788, Jan. 14.2013. DOU-I, Jan. 15.2013. Available at:

<http://www2.camara.leg.br/legin/fed/lei/2013/lei-12788-14-janeiro-2013-775064-publicacaooriginal-138736-pl.html>. Access in: Jan./2013).