The insurers achieved a significant victory at the Supreme Federal Court (STF) on Wednesday. The Court formed a majority and decided that PIS/Cofins do not apply to financial revenues from investments of technical reserves that these companies are required to maintain to guarantee the payment of claims. The ruling represents a defeat for the federal government.
The decision represents an estimated loss of R$ 5.3 billion for public coffers. The thesis advocated by the private sector obtained six favorable votes, including that of the rapporteur, Justice Luiz Fux. The vote count defeated the dissenting vote of Justice Alexandre de Moraes.
The voting took place precisely on a day when Moraes was at the center of the news, due to reports of involvement with banker Daniel Vorcaro, from Master bank. The political moment reinforced the weight of the defeat for the justice.
For lawyer Luiz Gustavo Bichara, partner at the firm that represented the companies, the decision was correct because it consolidated the understanding that financial revenues are taxable only when arising from the company's "typical activity," which does not apply to returns from technical reserves.
