DECREE NO 5,730, DE March 20, 2006.
Regulation the art. 110 of Law No. 11,196 of November 21, 2005, which deals with the tax regime adopted in the operations carried out in future settlement markets by the institutions authorized to function by the Central Bank of Brazil.
THE PRESIDENT OF THE REPUBLIC, in the use of the attribution conferring you the art. 84, inciso IV, of the Constitution, and in view of the provisions of art. 110 of Law No 11,196 of November 21, 2005,
Art. 1º For the purpose of determining the calculation basis of Contribution to PIS/PASEP, Contribution for Social Security Financing (COFINS), Legal Persons Income Tax (IRPJ) and Social Contribution on Net Profit (CSLL), financial institutions and the other institutions authorized to function by the Central Bank of Brazil must compute as revenue or expenses incurred in operations carried out in future settlement markets:
I-the difference, ascertained on the last working day of each month, between the changes in rates, of the prices or contracted indices (curves difference), the balance being ascertained on the occasion of the liquidation of the contract, including through the assignment or the anticipated closure of the position, in the cases of:
a) swap and term ; and
b) future and other derivatives with daily or periodical financial adjustments of positions whose assets underlying the contracts are spot interest rates or fixed income instruments for which the ascertainment of the criterion laid down in this incision is possible ;
II-the result of the algebraic sum of the adjustments ascertained monthly, in the case of markets referred to in paragraph "b" of inciso I, whose assets underlying the contracts are goods, currencies, variable income assets, interest rates to term or any other economic asset or variable for which it is not possible to adopt the criterion provided for in the said inciso ; and
III-the result ascertained in the liquidation of the contract, including through the assignment or of the anticipated closure of the position, in the case of options and too much derivative.
Art. 2º It is responsible for the calculation and dissemination of the values of which it treats point "b" inciso I of the art caput. 1st the Commodity & Futures Exchange (BM&F), headquartered in the city of São Paulo.
Art. 3º For operations carried out on the counter market, only the recognition of expenses or losses will be admitted, for the purpose of ascertaining the tax and the contributions of which it treats the art caput. 1º, if the operation has been registered in system that has criteria for afering whether prices, opening or closing the position, are consistent with market prices.
Single Paragraph. The operations of which this article is intended shall be registered in entity authorized by the Central Bank of Brazil or the Securities Commission to provide such service.
Art. 4º In the case of hedging operations conducted in future settlement markets on overseas exchanges, revenues or expenses will be appropriate by the result:
I-of the algebraic sum of the adjustments ascertained monthly, in the case of contracts subject to adjusts of positions ; and
II-earned in the liquidation of the contract, in the case of the other derivatives.
Art. 5º For the purpose of determining the basis of calculation of the contribution to the PIS/PASEP and COFINS by the related institutions in the inciso I of § 6th of art. 3rd of Law No 9,718 of November 27, 1998, is vetoed the recognition of expenses or of ascertained losses in operations carried out in off-exchange markets abroad.
Art. 6º The Registry of the Federal Revenue Office, in the exercise of its competence, shall expedite the necessary standards for the implementation of this Decree.
Art. 7º This Decree shall enter into force on the date of its publication.
Brasilia, March 20, 2006 ; 185º of Independence and 118º of the Republic.
LUIZ INACIO LULA DA SILVA
Murilo Portugal Filho