Lower court judges have accepted requests for the review of statements and are releasing taxpayers from paying taxes on the Selic rate. The restatement by the Selic rate involves R$ 65 billion.
According to an article published by Valor Econômico, the matter concerns the fitness of a decision made by the Federal Supreme Court (STF) in the month of September, which removed the collection of Income Tax and Social Contribution on Net Income on the Selic rate levied in the cases of refund of taxes paid in excess (recovery of undue payment).
Until the trial, companies were being required by the Federal Revenue Service to submit to the government 34% of all amounts earned, Valor concluded.
Written by Marcos Ferreira, content assistant at Drummond Advisors