Regulatory Alerts2020-06-30 | Carta Circular 4065Circular Letter No. 4065 - Creates Accounting Line in the National Financial System Institutions' Accounting Plan for Control of Tax Credit Balance
The Head of the Financial System Regulation Department (Denor) of the Central Bank of Brazil issued Circular Letter No. 4065 to modify the National Financial System Institutions' Accounting Plan (Cosif). The regulation creates two new specific accounting subheadings for temporary tax credit differences related to passive provisions for fiscal and social security contingencies, while excluding the previous general subheading. Institutions are required to reclassify existing balances from the old account to the new ones starting from the June 2020 reporting base.
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