Regulatory Alerts2020-06-30 | Carta Circular 4064Circular Letter No. 4064 - Creates Accounting Line Item in the National Financial System Institutions' Accounting Plan for Tax Credit Balance Control
The Head of the Financial System Regulation Department (Denor) of the Central Bank of Brazil issued Circular Letter No. 4064 to amend the National Financial System Institutions' Accounting Plan (Cosif). The regulation creates two new specific sub-accounts for temporary tax credit differences related to passive provisions, distinguishing between fiscal and social security contingencies and other items. It simultaneously excludes the previous general sub-account and mandates the reclassification of existing balances into the new categories starting from the June 2020 reporting base.
Share