In a monocratic decision published on August 23, 2016, Minister Rosa Weber ruled that it is not the jurisdiction of the Brazilian Supreme Court (“STF”) to analyze the reinstatement of the levy of PIS and COFINS on financial revenues, which was established by Decree No. 8,426 /2015.

Although the ruling has no binding effect, the appeal is the first to be tried by a higher court and, consequently, may guide other decisions on this subject.

In parallel, on the same day, the Superior Court (“STJ”) began the trial of special appeal No. 1,586,950, whose object is to challenge the re-establishment of the rates of these contributions by a Decree.

The trial was interrupted by a request for the examination of the case records by Minister Gurgel de Faria.