On July 5, Sergio André Rocha spoke with Valor Econômico about tax Ruling no. 84/2016. In this case, Brazil’s Tax Office decided that social contributions on revenues (PIS and COFINS) should be levied on the Interest on Net Equity received by companies that pay these contributions under the so-called cumulative system. In his words, “This is a new interpretation from the tax authorities, which could generate new tax assessments. I believe, however, that there are arguments to dispute their interpretation in this case”.