The Brazilian government has revoked a recent Federal Revenue Service (Receita Federal) regulation that aimed to enhance the monitoring of financial transactions, including those made through Pix, the country’s widely used instant payment system.
The decision follows a surge of misinformation and public concern suggesting that the new measures would lead to the taxation of Pix transactions.
Key Points
- Regulation Revoked: Instruction Normative 2.219/2024, which required reporting of high-value transactions, has been annulled.
- No Pix Taxation: The government confirms that there will be no taxes on Pix transactions.
- Public Misinformation: False claims led to public panic and a decline in Pix usage.
- Government Action: Authorities plan to introduce measures to reinforce Pix’s cost-free nature and uphold banking secrecy.
Background on the Revoked Regulation
The now-revoked regulation, known as Instruction Normative 2.219/2024, was set to take effect on January 1, 2025.
It required financial institutions, including banks and fintechs, to report individual transactions exceeding R$5,000 and corporate transactions over R$15,000 to the Federal Revenue Service.
The primary goal was to combat tax evasion and enhance financial transparency.
Spread of Misinformation
Following the announcement, a wave of misinformation spread across social media platforms and other channels, falsely claiming that the government intended to tax Pix transactions.
This led to public panic and a significant decline in the use of Pix, with many users fearing additional financial burdens.
Government’s Response
In response to the public outcry and the spread of false information, Finance Minister Fernando Haddad announced the revocation of the regulation.
๐จURGENTE – Governo vai impedir que vendas no Pix tenham valor adicional, diz Haddad!
โUma medida provisรณria que reforรงa os princรญpios de gratuidade do uso do Pix e das clรกusulas de sigilo bancรกrioโ pic.twitter.com/OQYU2so3Ik
โ SPACE LIBERDADE ๎จ (@NewsLiberdade) January 15, 2025
He emphasized that the government’s intention was never to tax Pix transactions but to ensure financial transparency and combat illicit activities.
Haddad also mentioned plans to introduce a Provisional Measure to reinforce that Pix will remain free of charges and to uphold banking secrecy.
Apรณs o desgoverno garantir que a taxaรงรฃo do Pix era fake news, lula resolve revogar ato da Receita Federal de monitorar o Pix para taxaรงรฃo.
Afinal, se era fake news, entรฃo por que revogou? ๐คท๐ปโโ๏ธ pic.twitter.com/cO1YQ2Yom6
โ Leo Kasura (@LeoKasura) January 15, 2025
Impact on Pix Usage
Pix is an instant payment platform developed by the Central Bank of Brazil, enabling real-time payments and transfers 24/7.
Since its launch, it has revolutionized the Brazilian payment landscape, offering a fast, secure, and cost-free alternative to traditional payment methods.
The misinformation campaign led to a noticeable drop in Pix transactions, highlighting the system’s vulnerability to public perception and the rapid spread of false information.
Comparison of Transaction Reporting Thresholds
| Transaction Type | Previous Threshold | Proposed Threshold (Now Revoked) |
|---|---|---|
| Individual Transactions | R$2,000 | R$5,000 |
| Corporate Transactions | R$5,000 | R$15,000 |
Note: The proposed thresholds were part of the revoked regulation and are no longer applicable.
The government is now focusing on restoring public trust in Pix and ensuring that accurate information is disseminated.
Plans are underway to enhance communication strategies and to take legal action against individuals and groups responsible for spreading false information that led to public panic.
Source: oglobo.globo.com
