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Decision on IOF/Credit – current account agreement

05/09/18

Recently, the Administrative Council of Tax Appeals, by unanimity, ruled in favor of the taxpayer (Decision n. 3402-005.232) on a case involving the current account agreement. The purpose of such agreement is the maintenance of cash management between companies of the same economic group. The present decision provided that said agreement is not subject to the imposition of the IOF/Credit. In this case, the Administrative Council of Tax Appeals thoroughly analyzed what should be understood as a typical current account agreement and what is understood as a typical loan agreement. It is important to remind that loan agreements are subject to the imposition of the IOF/Credit.

The present discussion is quite relevant for companies of many sectors, as current account agreements are largely implemented between companies of the same economic group for cash flow purposes. However, it is important to emphasize that this issue has not been harmonized by the Administrative Council of Tax Appeals.

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