The date on which legal entities will be able to register their companies in the Federal Revenue of Brazil (RFB) will be announced soon

Brazil will use a blockchain platform to take care of the information and registration of all its companies, as reported by some web portals in the country, last Thursday, January 17th.

The Brazilian government, through the national institution in charge of keeping track of taxes collection and fiscal matters, the Federal Revenue of Brazil (RFB), plans to move all its records to digital platforms, so it works in the development of a tool that will use blockchain technology to record and store information about different companies, offer better collection methods; as well as adapt their registration and control platforms.

The RFB is developing a great national day to inform legal entities about the new method that will be used for the registration of their information. In this way, it will be able to complete the adaptation of the platform. The objective is to keep a better record of the companies, institutions and associations which “make life” in the country, update specific data, among other pieces of information of value for the fiscal entity.

Currently, the system is active for the natural person’s registration, those who were able to enter the tax registration system since last November, and set July 31st as the deadline to end the process.

On the other hand, the registration for legal entities had not been conducted until the system had been adjusted on how this procedure would be conducted.

The RFB issued a call to public opinion about the so-called National Registry of Legal Entities, in order to carry out the business registration process. The institution said, in the same way, that there is not yet a specific date to fulfill this process, but it is preparing a timetable which will be announced in the coming days. It is estimated that the process will take place by the end of the first half of the year.

About the platform developed for the government entity, it is known that it was created by the company Dataprev, an associate, and dependent company of the Ministry of Finance of Brazil, which used blockchain technology to develop the appropriate software for the new system.

This blockchain platform was programmed as a G2G (Goverment to Goverment) system supported by open source software and will allow it to connect with other authorized governmental institutions, in order to be able to send specific information easily, quickly and safely.

In another sense, the official press release reported that the project contains a plan for the preparation and training of personnel, this in order to instruct the Ministry of Finance’s staff in the management of this new system and explain them the tools that will be implemented in the near future.

At the end of last year, Dataprev organized a series of workshops in order to teach its staff about the basic criteria and concepts of cryptocurrencies, smart contracts, Bitcoins, foreseeing the work they planned to do with respect to this type of technology.

In addition, the institution seeks to approve a series of measures that oblige companies to periodically report their transactions made with cryptocurrencies, since there are mechanisms which could hide such financial movements. It is studied how to impose a series of fines to those who perform these operations to evade taxes.

By María Rodríguez


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