By Tax Area

Normative Instruction No. 2.091/2022, published on 06.23.2022, in addition to establishing requirements for the inventory of assets and rights of taxpayers in debt with the Federal Revenue Service of Brazil, brought an important novelty by enabling the replacement of assets already listed from joint and severally liable debtors for the main debtor's assets.   

The inventory of assets, established by Law No. 9.532/1997, consists of an administrative measure through which the Federal Revenue Service of Brazil, when verifying that the taxpayer has debts in an amount greater than R$ 2MM and that exceed 30% of its known assets, monitors the assets and rights of debtors (main and joint and severally liable) to ensure that they meet the tax credit. 

This procedure is not to be confused with the levy of execution since, in the inventory, there is a mere screening of assets and rights, and taxpayers may dispose of, encumber, or transfer such assets in any way, upon prior communication to the Tax Authorities.

Although the inventory does not consist in the levy of execution on assets, in practice, taxpayers with listed assets face difficulties in carrying out their business, given that, even if such assets can be sold, encumbered, or transferred in any way, market agents avoid carrying out transactions involving listed assets. 

Thus, the provision of replacement of the inventory of assets in view of the main debtor's assets can benefit numerous taxpayers that may request this measure at any time in the administrative inventory proceeding. The request shall be addressed to the tax auditor responsible for conducting the case.