On July 8th, 2022, Normative Instruction No. 2,092/2022 was published and set forth the suspension of social contributions to PIS and Cofins that act as a levy on transactions regarding oil for fuel production, as determined by Complementary Law No. 192/2022.
The new rule suspends, until December 31, 2022, the payment of said contributions for the following transactions:
i. domestic sales of oil to refineries; and
ii. imports of oil by refineries.
In order to be entitled to the suspension of PIS and Cofins, refineries must submit a statement informing the percentage of the oil that will be used for the effective production of fuels, otherwise, they shall collect the social contributions not paid during domestic sales or imports.
