According to the former president, the measure aims to “take part of the money” from transactions above R$5,000, affecting the poorest
The former president (PL) said this Monday (13.Jan.2025) that the monitoring of financial transactions made by Pix or credit card above R$5,000 “wouldn’t exist” in your government. The new rule from the president’s economic team (PT) came into force in January this year.
According to the former president, the Federal Revenue Service will be able to monitor these movements, putting the poorest at risk of being “taxed or fined”.
“Seeing that Pix moves more than R$100 billion per day, Lula da Silva orders the Federal Revenue to find a way to get part of this money. The Revenue then decided that anyone who moves more than R$5,000.00 per month may be monitored, being subject to being taxed and/or fined.”Bolsonaro on X (former Twitter).
The decision to increase supervision over electronic transactions has been criticized by opposition parties and politicians. In practice, the system as presented aims to prevent evasion by those who use digital payment methods.
Strictly speaking, there is no tax on Pix. This payment method has replaced physical cash transactions in Brazil in recent years. Previously, millions of informal workers remained outside the Federal Revenue radar when they received cash payments for their services. This continued with Pix. Now, everything is recorded. With the new system, anyone who falls into the income range eligible for payment of IRPF (Individual Income Tax) will be contacted to be charged.
It turns out that informal workers – an ice cream man, bricklayer, electrician, cleaner, day laborer, painter and other service providers – always used to receive cash. Now, with the popularization of the use of Pix, they now have all their income registered and linked to their CPFs.
This will also happen to millions of Bolsa Família beneficiaries, who receive money from the government and continue working informally. If the monthly amount exceeds R$5,000, these people will be contacted by the Federal Revenue Service and will have to pay taxes.
UNDERSTAND THE CHANGE
The IRS will now receive data from credit card operators and payment institutions, such as large retailers, digital banks and electronic wallets, including transactions via Pix. The same was already done by traditional banks.
Only monthly movements above R$5,000 for individuals or R$15,000 for companies will be reported. According to the agency, the data will be used to identify irregularities and reinforce compliance with tax laws. The information will be sent every six months through the system known as e-Financeira, within the Federal Revenue Service.
At the end of each month, “all amounts left from the account are added together, including withdrawals and, if the limit of R$5,000 for an individual, or R$15,000 for a legal entity is exceeded”.
In a note, the Federal Revenue stated that the expanded data collection:
- seeks to improve the control and supervision of financial operations;
- ensures greater data collection;
- reinforces Brazil’s international commitments in the CRS (Common Declaration Standard);
- contributes to combating tax evasion; and
- promotes transparency in global financial operations.
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