Decree No. 8451, Of 19 May 2015

Original Language Title: Decreto nº 8.451, de 19 de maio de 2015

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Decree No. 8451, of 19 MAY 2015 Regulates § 5 of art. 30 of the provisional measure 2,158-35, number of 24 August 2001, to define what is considered high exchange rate fluctuation, and amending Decree No. 8426, of April 1, 2015.
The President of the REPUBLIC, in the use of the role that gives the art. 84, heading, paragraph IV, of the Constitution, and in view of the provisions of § 5 of art. 30 of the provisional measure 2,158-35, number of 24 August 2001, and in paragraph 2 of art. 27 of law No. 10865 of April 30, 2004, DECREES: Art. 1 for the purposes of § 5 of art. 30 of the provisional measure 2,158-35, number of 24 August 2001, high oscillation occurs in the exchange rate when the period of a calendar month, the value of the dollar of the United States of America for sale determined by the Central Bank of Brazil suffer variation, positive or negative, higher than the 10%.
(1) the variation in the caput shall be determined by the comparison between the values of the dollar in the first and last day of the calendar month for which there is listing published by the Central Bank of Brazil.
(2) Verified the hypothesis of the caput, the change of the system for recognition of monetary variations of credit rights and obligations of the taxpayer, according to the exchange rate, that handles the item II of § 4 of art. 30 of the provisional measure 2,158-35, number of 2001, may be effective in the calendar month following that in which occurred the high fluctuation in the exchange rate, as defined in the internal revenue service of Brazil of the Ministry of finance.
§ 3 the new regime adopted will apply to the entire calendar year, subject to the provisions of paragraph 4.
§ 4 each month-calendar in which high oscillation occurs in the exchange rate will correspond to a single possibility of amendment.
§ 5 in the case of high oscillation occurred in the exchange rate in the months of January to may 2015, the change of regime contemplated in paragraph 2 may be carried out in the month of June 2015. Art. 2 Decree No. 8426, of April 1, 2015, with the following changes: "Art. 1.............................................................................................................................................................................................................................................. paragraph 3 shall be kept at zero rates of contributions referred to in the caput on financial income resulting from monetary variations, depending on the exchange rate, of: (I)-exports of goods and services abroad; and II-obligations for the legal entity, including loans and financing.
paragraph 4 shall be maintained at zero rates of contributions referred to in the caput on financial income resulting from hedging operations (hedge) held in securities, futures or commodities and OTC market intended solely for protection against risks inherent in fluctuations of price or rates when, cumulatively, the object of the contract negotiated : a) is related to the operational activities of the legal person; and b) earmarked for protection of rights or obligations of the legal person. " (NR)
Art. 3 this Decree shall enter into force on the date of its publication, producing effects in relation to art. 2 from 1 July 2015.
Brasília, 19 may 2015; 194 of independence and 127 of the Republic.
Joaquim Vieira Ferreira ROUSSEFF Levy