Blockchain Adopted by Brazil’s Tax Authority

Written by | Intellectual Property, Tax and Customs

On 21 November 2018 Brazil’s Federal Revenue Department published an amendment to Regulation RFB 1,384/2016 bringing blockchain technology to the Federal tax compliance system for the first time. The Department calls it “bCPF” (blockchain tax file number).

At this point blockchain technology will be used only for government to government (G2G) information exchanges. Specifically, the technology will be used for sharing data with other bodies controlled by the Federal government and only for data that is not protected by tax-related confidentiality.

The Federal Revenue Department claims that its blockchain model has been developed so that in the future it can be used for participation in data consumption, data field contribution and data changes – with the changes being allowed to be carried out just by the bodies with the legal powers to do so set out in smart contracts.

For more information contact me.

Last modified: November 29, 2018