Implementing the NF-e for gold
Since March 2023, the Internal Revenue Service implemented the Electronic Invoice (NF-e) for transactions involving gold. But what is the current situation?
Who should issue the NF-e for gold?
The measure made it compulsory issuing the NF-e to register transactions with this mineral, directly affecting those who buy and resell it on the financial market, especially the Securities Distributors (DTVM).
Obligation and current procedures for issuing the NF-e for gold
Buyers and dealers operating in the financial market, the DTVMs, are responsible for issuing the NF-e for gold. The obligation was established as of July 3, 2023, and is still in force, according to publication in the Federal Official Gazette.
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Details on the NF-e for gold
This NF-e is a digital document, stored electronically and with legal validity guaranteed by the IRS and the issuer's digital signature. It uses a digital certificate issued by an entity accredited by ICP-Brasil and contains the establishment's CNPJ. Transactions include acquisitions, imports, exports, purchases, domestic sales and shipments by gold mining companies, among others.
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What are the requirements and procedures for issuing the Electronic Invoice (NF-e) for transactions involving gold?
To issue the NF-e for transactions involving gold, it is necessary to follow some specific requirements and procedures. Firstly, the company must be duly registered with the Federal Revenue Service's NF-e issuing system and have a valid digital certificate. When registering the transaction, it is essential to include all the mandatory information, such as the buyer's and seller's details, a detailed description of the gold, the value of the transaction, among others. In addition, it is essential to observe the legislation in force relating to the issuance of the NF-e for gold in your jurisdiction. Once issued, the NF-e digital file must be stored securely and in accordance with legal requirements.
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Importance and implications of the NF-e for gold
Institutions authorized by Central Bank operating with gold, financial assets or foreign exchange instruments, and members of the National Financial Systemare subject to the issuance of the Gold Financial Asset NF-e. This measure aims to increase transparency and combat illegal trade.
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What are the fiscal and tax obligations related to issuing the NF-e for gold?
The fiscal and tax obligations related to issuing the NF-e for gold include correctly paying the taxes levied on the transaction, such as ICMS (Tax on the Circulation of Goods and Services) and IPI (Tax on Industrialized Products), when applicable. In addition, the company issuing the NF-e must comply with specific tax legislation relating to gold, such as possible exemptions or tax benefits provided for by law, and be in compliance with the rules of the Federal Revenue Service and regulatory bodies.
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How does the NF-e for gold impact the operations and transactions carried out by my company in the financial market?
The NF-e for gold impacts the operations and transactions carried out by the company in the financial market by ensuring greater transparency and security in transactions involving this asset. Issuing the NF-e allows operations to be properly recorded, facilitating the company's accounting and tax control. In addition, the use of NF-e can increase customer and investor confidence, demonstrating that the company operates in accordance with tax and legal regulations.
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Conclusion and future impact
The NF-e is not required for transactions carried out on stock exchange trading floors with gold in custody, nor on over-the-counter markets with settlement via a specialized settlement and custody system, provided that the gold remains in custody at the financial institution backing the transaction. However, financial institutions must keep files available for the Federal Revenue Service, as well as documents relating to the transactions they intermediate. This regulation continues to bring security and transparency to the gold market, positively impacting the financial sector and tax inspection.
A CLM Controller offers integrated solutions for fiscal and tax management, including the monitoring and control of operations related to the Electronic Invoice (NF-e) for companies in the financial sector.
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