By Hash Techs 
The Federal Revenue plans to monitor credit card and Pix transactions over R $ 5,000. Senator Mecias of Jesus introduced a bill to oppose this move, citing privacy concerns. The new regulation came into effect on January 1st.
Project aims to review the Federal Revenue.
The IRS states that the measure helps fight tax evasion and encourages transparency in worldwide financial transactions.
The agency now monitors financial transactions over R $ 5 thousand in Pix and credit card for individuals and starts monitoring legal entities (PJ) from R $ 15 thousand after the rule was put into effect.
Senator Mecias de Jesus, who authored the proposal to challenge the norm, believes that the Federal Revenue system could provide widespread access to financial information without ensuring sufficient safeguards for banking confidentiality and other essential rights.
The lawmaker mentioned that his proposal aims to prevent a situation of legal uncertainty by safeguarding sensitive data of citizens and taxpayers. He expressed concerns that regulatory guidelines could potentially allow for broad and indiscriminate gathering and utilization of financial data, heightening the possibility of confidential information being exposed.
We need a system that promotes economic growth and upholds the rights of law-abiding citizens, without regarding everyone as baseless suspects.
Change impacts other financial organizations.
Traditional financial entities like public and private banks and financial cooperatives were already required to inform the IRS about their clients’ financial activities.
Fintechs, postpaid accounts, credit card operators, and payment institutions are now required to furnish information to the federal agency under the new regulation.
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