Brazil's Lula Revokes Pix Monitoring Directive, Plans Provisional Measure for Free Use

Jan 15, 2025, 07:44 PM

The Brazilian government, led by President Luiz Inácio Lula da Silva, has decided to revoke a controversial directive from the Federal Revenue Service that aimed to increase monitoring of Pix transactions. The decision to reverse the measure, which required reporting transactions exceeding R$ 5,000 monthly for individuals and R$ 15,000 for businesses, was announced by Finance Minister Fernando Haddad and Federal Revenue Secretary Robinson Barreirinhas. The move comes in response to widespread negative feedback and a surge of misinformation suggesting that the government intended to tax Pix transactions. The government's decision to retract the directive was made after a meeting at the Palácio do Planalto, and it aims to address the public's concerns and counteract the spread of false information. Additionally, the government plans to introduce a provisional measure to reinforce the free use and privacy of Pix transactions, effectively equating Pix payments to cash transactions in terms of non-taxation and confidentiality.