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The news about PIX that shocked Brazilians in February

The news about PIX that shocked Brazilians in February

a B.C.E. (Central Bank) in 2018 created the money transfer and instant payment method that quickly conquered the country: The pix. However, it was not released to the public until the end of 2020.

Since then, it has become the preferred method for conducting financial transactions, for moving trillions of riyals. Now, in 2023, this tool will undergo some significant changes.

Among these changes is the fact that there will be monitoring by the Federal Revenue of transactions made via pix. The repercussions were significant with the announcement made at the beginning of February leaving many people without fully understanding the impacts this measure would have on the daily lives of Brazilians.

To find out for sure what will change in the tool, keep reading today’s article from Notícias Concursos.

Will the IRS Really Monitor PIX Transactions?

These announced changes, in practice, won’t change much. Citizens will continue to make and receive transfers. In fact, major changes will affect business. PJ (Legal Entities) should pay more attention to all transactions made using the tool.

Those who do not have a CNPJ (National Register of Legal Entities) will also have their transactions monitored by the tax authorities. However, companies will be hardest hit by the change. The federal government’s intention is to end, or at least reduce, fraud in corporate income tax returns.

It should be noted that this procedure is retroactive. This means that older PIX transactions will be checked as well. The tax authorities will check all actions that have been carried out since the launch of the tool.

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The measure immediately after its announcement had great repercussions, as we mentioned. The Association of Banking Institutions has filed an ADI (Direct Action for Unconstitutionality) in the STF (Supreme Federal Court). The questioning of justice is whether this search was illegal.

The monitoring is approved by Confaz (National Council for Fiscal Policy). According to the entity, the PIX moved to about 2 trillion in 2022 alone, and in this way, it is necessary to check that there are no irregularities. Critics, in turn, claim that the changes violate banking secrecy enshrined in the federal constitution.

See other changes to the money transfer system

In addition to the control of transactions by the Federal Revenue, there will be other changes to the PIX in 2023. Fernando Haddad, Minister of Finance, announced the regulation of credit operations using this payment instrument. This means that you will have a used credit card from the tool.

There are still no details about this method. But we hope that there will be clarifications once the second half of 2023 begins. Finally, while nothing concrete, Brazilians will continue to worry about surveillance and possible fees for using pix. But, according to the Central Bank, nothing will happen to individuals at the moment. Fees are charged only to legal entities.