In a Private Letter Ruling, the Federal Revenue Department ruled that the amounts of P.I.S. (Program for Social Integration contribution) withheld at source from service providers’ tax invoices can be used only to offset the same contribution. P.I.S. amounts withheld in excess can neither be used to offset other taxes nor be refunded in cash due to lack of legal basis. (Private Letter Ruling (Solução de Divergência) No. 08/07)
23Sep 2007