The Tax Impact on Back to Back Operations

Abstract

Back to Back can be understood as a financial transaction where the Brazilian company buys merchandise from a country and resells it to a third country, within this scenario, the product does not physically circulate through the national territory and does not become a nationalized commodity. This operation is carried out under the command of the Brazilian company, which receives the values of the sale and makes the payment of the purchases. This mechanism, still little used in Brazil, is the object of study of this article. The methodology used in the elaboration of the same for a qualitative research, by bibliographic means. From the research of descriptive and exploratory resources, the objective of this study was to analyze the tax impact in the operations Back to Back. The study showed that an operation studied positive results for the operating companies of this modality, such as financial gain, elimination of logistical costs that influenced the processes of import and export, and mainly the impact with a reduction of the tax burden in a classic process of foreign trade.

Key words: Foreign Trade. Back to Back. Taxation

1.?? Introduction

?The advent of globalization has helped to form large economic blocs aiming at the overthrow of customs borders, added to the advancement of technology and means of communication makes foreign trade constantly evolving.??

In view of this scenario, the increase in the exchange of products between countries generates an increase in competition between companies, which, in turn, in order to remain in the market, have sought mechanisms that enable the increase of their competitiveness.

One of these mechanisms is Back to Back operations, where a Brazilian company buys goods from one country and resells them to a third country, within this scenario, the product does not physically circulate through the national territory and thus does not become a nationalized commodity. This type of foreign trade operation is still little used in Brazil. In this context, the choice of this theme is justified. In the methodology, the qualitative research method was used, by bibliographic means.

The present study is, in terms of objectives, a descriptive and exploratory research, collecting data on this subject in books, articles and websites.

This article aims to analyze the tax impacts of this operation in the Brazilian tax legislation, verifying the possibility of reducing logistics and tax costs compared to a traditional import and export operation. This research also aims to clarify particularities of the Back to Back mechanism, limiting itself to evaluating the operation in its tax and exchange aspect.

It is proposed to answer the following question: what are the tax effects on Back to Back operations ?in Brazil?

2???? Theoretical Framework

?With globalization, the trade barriers between companies located in different countries get smaller and smaller. Foreign trade is known as an economic activity regulated by the State, in order to improve it to the country's political and economic requirements (DIAS; RODRIGUES, 2004).

The Brazilian foreign trade policy is fundamentally focused on economic development, comprising in its lines the incentives to exports (of a fiscal, administrative, credit nature, etc.) aiming, through the resulting increase, to achieve the availability of foreign exchange capable of satisfactorily meeting the imperative of imports, especially with regard to raw materials, basic inputs and capital goods.? which are items for the maintenance of high growth rates in the Brazilian industrial sector (CARLUCI, 2001).

In view of this, Back to Back operations arise, ?which is an English expression where the company of a respective country makes a purchase abroad to ship the goods to another country, without transiting them through the customs of the buying country.

2.1??????????? Foreign Trade

?Silva (2008, p. 18) points out that "the international negotiation process requires practice and exercise. The new business environment is based on planning, firming up goals and objectives, respecting the various customs and other technical capabilities." Such capabilities involve knowledge about cultural issues in the context of negotiation, encompass plans for the international panorama that must be applied in each proposed location, creating an uninterrupted environment in operations, based on the clarity of the issues dealt with and the balance of the commercial relationship.

Brand?o, Duzert and Spínola (2010) state that in the collaborative negotiation model, each party offers a point to the opponent and vice versa. It is the win-win game, which obeys a negotiation with mutual gains, that is, there is no point in one of the parties winning alone.

This collaboration can be interpreted as the two-way method of communication, whose objective is to reach a mutual and successful agreement on divergent needs and concepts, since to negotiate means to keep one's word, to convince, rather than to use brute force, which requires articulation, knowledge about the participants of this method.

From this, the triangular operation takes place according to specific needs, as long as the culture of the countries involved and the position among the members who will negotiate are considered.

For operations, it is vitally important to have proper knowledge of the cultural issue in target countries of interest, such as China, where the use of the "guanxi method" becomes necessary, as it deals with the commercial relationship based on friendship, trust and credibility and thus, its form of application in the process of the triangular operation needs to be thought out wisely to obtain the benefit of its use. This is extremely valuable due to the history of other negotiations already carried out between Brazilian and Chinese companies.

In view of the above, it is essential to already have a commercial affinity with the country of negotiation to carry out a complex operation such as triangulation, because, at first, as in the case of the Chinese, they are slow to take the necessary action for important processes due to the lack of knowledge of how to work with the company proposing the project.

In relation to the Europeans, in the triangulation, the fact that they are flexible, committed, responsible with meeting deadlines and competitive for business settlement is highlighted, as efficiency generates cost. In this sense, for Europeans, it is based on the premise that they have a greater commercial commitment just like Brazilians, in order to generate a solid commercial relationship between the parties involved, enabling larger deals to be concluded more easily (Kugelmeier, 2010).

In this way, it can be seen that the Europeans are more interested in carrying out this type of triangulation, they have an interest in future negotiations. This is the opposite of what happens with the Chinese, as greater patience is required for the completion of the first deal.

2.1.1?? Import

Importation is the commercial and fiscal process that consists of bringing a good, which can be a product or a service, from abroad to the country of reference. Importation is sometimes carried out with the receipt of the goods by the buyer or his representative, abroad, in accordance with the clauses agreed upon in the purchase and sale contract (LOPEZ; GAMA, 2005).

Importation seeks to fill gaps in the economic structure, collaborating in the complementation of the products available to the population of a country, or of capital goods necessary for companies, also fulfilling the role of modernization of the economy by stipulating competition and allowing the comparison of processes and products (DIAS; RODRIGUES, 2004). In this sense, Lopez and Gama (2005, p.268) explain that,

For exchange purposes, it could be said that the import represents an outflow of foreign currency, recorded in a specific field of the Balance of Payments, that is, the absence of foreign currency remittance, accepted in some operations, configures an import without exchange coverage.

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?2.1.1.1? Taxes levied on Imports

?To understand the strong incidence of the tax caga on imports of finished products and inputs, Ashikaga (2005) explains that in the importation of foreign goods, there will be a taxable event for the Tax on Operations related to the Circulation of Goods and the provision of interstate and intermunicipal transport and communication services (ICMS), Import Tax (II), Tax on Industrialized Products (IPI),? in addition to the contribution to the Social Integration Program (PIS, import) and the Contribution to the Financing of Social Security (COFINS, import), established by Law No. 10.865/04.

There are other taxes such as fees and surcharges that are levied on imports, however, they represent an irrelevant impact on the tax impact of this transaction.

2.1.2?? Export

Export can be understood as the act of exchanging goods and services between countries, so that these exchanges meet the needs of the parties involved and in the same way generate foreign exchange for the countries that participate in this activity. Exporting is fundamental and necessary for all countries. No country in the world can survive in isolation in the face of a globalized world (VAZQUEZ, 2001).

To start the export process, the company must be based on three parameters: create a competitive corporation, be concerned with passing on the product in order to intensify competitiveness and analyze the markets involved in the process (MINERVINI, 2008). Thus, the purpose of companies that operate with exports is to develop themselves to be competitive in the domestic market, providing a quality product compared to the domestic market that is little developed (SOUZA, 2002).

2.1.2.1? Taxes levied on Exports?

Exports do not suffer the same tax intensity as imports, this fact is the result of the government's intention not to tax exports and to stimulate sales in the foreign market and the inflow of foreign currency into the country. According to Ashikaga's legacy (2005), all outflows of goods, products or goods destined for abroad will enjoy tax benefits related to ICMS, IPI, PIS/PASE and COFINS – Invoicing.

Pegas (2006, p. 339) explains that "the export tax is provided for in the Federal Constitution, article 153, item II. However, the author explains that in practice, the products taxed by the Export Tax (IE) are few, and also have a zero rate, according to SECEX (Secretariat of Foreign Trade) ordinance No. 15/04.

In view of the above, it is observed that while imports are heavily taxed, exports are practically not taxed. The exception is related to Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL), which end up being levied on the result of the sale of the exported product.

2.2??? Operation Back To Back

For the characterization of a Back to Back operation, the Brazilian company buys a certain product abroad and sells this product to a third country. In this way, the acquisition and delivery of the goods take place abroad, that is, without touching the national territory. The operation is controlled by the Brazilian company, the manufacturing country forwards the product to the importing country (BANCO CENTRAL DO BRASIL, 2011). As shown in the figure below:

Figure 1 – Illustrative Flow Chart of Triangular Operation

Back to Back consists of a combined international sales procedure simultaneously with or prior to the purchase of the product, which will be the object of the sale in a third market, in which the goods will be conducted from the selling country to the buying country (LOPEZ; GAMA, 2005). Under the responsibility of the company located in Brazilian territory. The organization may have an intermediary agent abroad who may be responsible for the process of the operation without attributing to him the possession of the merchandise (BANCO CENTRAL DO BRASIL, 2011).

According to BACEN (2011), this transaction is characterized as an export operation as well as an import operation. However, for the IRS:

?

"The back-to-back operation, that is, the purchase and sale of foreign products, carried out abroad by a company established in Brazil, without the merchandise physically transiting through Brazilian territory, does not characterize import or export of merchandise..." (MINISTRY OF FINANCE, 2010).

In this sense, it is verified that there is in fact a conceptual paradigm regarding the classification of the above-mentioned operation, since there are two organs of the Union, which They have a misshapen conceptualization and classification for the same form of business. This leaves room for possible legal challenge, since there is no consensus on the conceptualization of the same form of business.

The main benefits analyzed in? the Back to Back operation, according to Banco do Brasil (2011), are: financial gain with triangulation, considering that the value of the sale must be higher than the value of the purchase, and the fact that there is no need to issue the Export Registration (RE), as there is no entry or exit of goods from Brazil.?

We can classify the Back to Back as being an eminently financial operation, because the legislation that governs this operation does not require the bookkeeping and issuance of the usual foreign trade documents, such as: Entry Registration Book (LRE), Exit Registration Book (LRS), Digital Tax Bookkeeping (EFD), Import Declaration (DI), Export Registration (RE) and Electronic Invoice (NF-e),? because the operation is limited to the entry and exit (circulation) of foreign currency.

On the other hand, international documents such as Purchase and Sale Contract, Proforma Invoice, Commercial Invoice and Bill of Lading are indispensable (TAX, 2012).

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2.2.1?? Foreign Exchange Aspect and Authorization to Operate Back to Back

?Classified as a financial transaction where there will only be the purchase and sale of foreign currency (GARCIA, 2009), the Back to Back? operation is mentioned in the Regulation of Foreign Exchange and International Capital Markets (RMCCI) in Chapter 1 of Title I, Item 5, where it says that:

(...) applies to purchases and sales of foreign currency by individuals or legal entities, resident, domiciled or headquartered in the country, in a bank authorized to operate in the foreign exchange market, for the purpose of establishing availability abroad and its return, as well as to "back to back" operations.

The request for authorization to operate Back to Back is based on a request for authorization to contract export and import exchange contracts (Central Bank of Brazil, 2009).

The Brazilian company must inform the request with the financial institution authorized to operate in foreign exchange, informing the names of the companies abroad, both the supplier and the buyer; the amounts and deadlines agreed upon for receipt and payment; offer copies of business documents, such as invoice and bill of lading and the values for contracting foreign exchange contracts (ZIMMERMANN, 2012).

In view of this scenario, Green explains that there will be an exchange contract for the purchase of foreign currency, referring to the payment of the goods to the supplier, and another for sale, due to the receipt of the value of the sale of the product to the final buyer. Finally, generating the financial gain that will be given by the difference between the exchange contracts of the sale and purchase of the product.??

For an exchange contract to be identified as Back to Back, it is necessary to register it with the nature code 10447, export contract and 15442 in the case of import (ZIMMERMANN, 2012).

According to Reali's legacy, the rules of the Central Bank of Brazil allow export receipts to be made directly in an account abroad and kept in a bank by the exporter himself. Import payment is also authorized through these credits without having to be communicated or authorized by BACEN, so the financial value itself does not need to be transited through Brazilian banks.

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2.2.2?? Deadlines and Intervals in Back To Back Operations

The deadlines for receipt and payment should not be more than 180 (one hundred and eighty) days from the date of shipment abroad, with a maximum interval of 90 days between the date of receipt and the date of payment (BANCO CENTRAL DO BRASIL, 2009).

2.2.3?? Operations with Incoterms

Back to Back transactions ?may be negotiated under? different Incoterms (International Trade Terms).? Back to Back is characterized by the existence of financial gain, and the proof of financial gain will be given by the difference between the import cost value and the export cost value. If the Incoterms are different, the net value (cost value) of the Incoterms must always be calculated, deducting the expenses included (TRANSAEX COMéRCIO INTERNACIONAL, 2008).

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2.2.4?? Back to Back in Operations Located in the Same Country

The Back to Back operation? also makes it possible to buy and sell within the same country (TRANSAEX COMéRCIO INTERNACIONAL, 2008). This transaction generates several business combinations, such as, for example, exporting the product from Brazil, adding some part abroad and from there finalizing the export process to a third country (TRANSAEX COMéRCIO INTERNACIONAL, 2008).

In view of the above, the Brazilian company must present a document that proves the departure of the goods from one state and their delivery in another, considering that in this situation there will be no issuance of an international bill of lading (ZIMMERMANN, 2012). It can be analyzed that in? the Back to Back mechanism, the national entrepreneur does not necessarily need to acquire a product from one country and sell it to another, The purchase and sale can happen in the same country.

Given this, it is possible to buy a commodity in Canada and sell it to a customer in that same country. However, for this type of transaction, it is also important to know the legislation of the country with which you are negotiating.

2.3??? Tax Treatment?

In view of the current scenario of growth in the import of products due to the low cost added to the agglomerated performance of many companies in foreign trade, they create new marketing mechanisms. However, the opportunity to export international products directly to other countries, without their entry into Brazil, in addition to being a little-known operation, is not clearly defined in the Brazilian tax legislation.

Regarding the obligation to issue invoices, the Brazilian Federal Revenue Service, through Consultation Solution No. 49 of February 6, 2007, positioned itself for the non-obligation of issuance in purchase and sale transactions carried out abroad, in which there is no physical transfer of goods to the Brazilian territory (MINISTRY OF FINANCE 2007).

According to Consultation Solution No. 202, of October 16, 2003, of the Federal Revenue Service on the contribution to PIS/Pasep, the revenue from Back to Back operations? is not verified as export, and the exemption of the PIS contribution related to the export of goods cannot be applied, based on Law No. 5.172, of October 25, 1966,? art. 111; combined with Provisional Measure No. 2,158-35, of August 24, 2001, art. 14, items II and IX, and § 1 (MINISTRY OF FINANCE, 2003).

The same understanding is held by the Federal Revenue Service on the Contribution to the Financing of Social Security – COFINS, based on Law No. 5,172, of October 25, 1966, art. 111; combined with Provisional Measure No. 2,158-35, of August 24, 2001, art. 14, items II and IX (MINISTRY OF FINANCE, 2003). Several actions by companies that use Back to Back have been put on the agenda, due to the disharmony of understanding of the Federal Revenue Service and the Central Bank of Brazil (MINISTRY OF FINANCE, 2003).?

According to Nasrallah, Back to Back, there is no specific regulation for Back to Back operations, which ends up generating doubts and discussions as to its legal nature; whether this mechanism should be treated as import and export and its respective tax consequences (NASRALLAH, 2012).

The tax burden that is normally levied on imports, such as the Import Tax (II), Tax on Industrialized Products (IPI), Tax on the Circulation of Goods (ICMS), Social Integration Program (PIS) and Contribution to the Financing of Social Security (COFINS) are exempt in this operation (Reali 2012).

Reali (2012) concludes that the operation under study generates only taxes and contributions levied on sales and/or results, such as Income Tax (IRPJ), Social Contribution on Net Income (CSLL) and, according to the understanding of the Federal Revenue Service, PIS and COFINS, which are levied according to the regime to which the taxpayer has opted.? be it Actual Profit or Presumed Profit.

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2.3.1?? PIS and Cofins on Revenues Earned

PIS/PASEP is a contribution that aims to finance unemployment insurance and annual salary bonus. Its taxable event is the monthly revenue, considering the totality of the revenues earned by legal entities. Cofins is a contribution to the financing of Social Security and aims to finance health, social security and social assistance. Its taxable event is also monthly revenue, thus considering the totality of revenues earned by legal entities.

According to Consultation Solution No. 202, of October 16, 2003, of the Federal Revenue Department, with regard to PIS/Pasep, the revenue from Back to Back operations ?does not characterize exports. As a result, the exemption from the PIS contribution related to the export of goods, established in the legal provision Law No. 5,172, of October 25, 1966, art. 111, cannot be applied; Provisional Measure No. 2,158-35, of August 24, 2001, art. 14, items II and IX, and § 1 (MINISTRY OF FINANCE, 2003).?

The Federal Revenue Service adopted the same position for COFINS, in relation to Law No. 5,172, of October 25, 1966, art. 111; Provisional Measure No. 2,158-35, of August 24, 2001, art. 14, items II and IX (MINISTRY OF FINANCE, 2003). Therefore, if it does not characterize exports, it is not possible to apply an exemption from PIS and Cofins related to the export of goods.

There are many companies that question the incidence of Pis and Cofins on sales revenue, since the export operation (emphasis added) is exempt from both taxes and, on the grounds that if there is an inflow of foreign currency from abroad, the operations must be exempted. The solution of the Federal Revenue Service No . 398/2010 clarifies these questions on the part of the companies operating in the Back to Back:

?(...) as for the purchase, there is no incidence of the contribution to the PIS/Pasep, provided for imports, as for the sale, there is no exemption from the same contribution, referring to exports. The basis for calculating the contribution to PIS/Pasep is the revenue, which corresponds to the total revenues earned by the legal entity. Therefore, the calculation basis of the aforementioned contribution in a back-to-back operation corresponds to the value of the commercial invoice issued to the purchaser of the goods, domiciled abroad. (MINISTRY OF FINANCE, 2010).

?The revenue arising from a back-to-back operation, i.e., the purchase and sale of foreign products, carried out abroad by a company established in Brazil, without the merchandise physically transiting through Brazilian territory, does not characterize an export operation and, therefore, is not covered by the non-incidence of Cofins provided for in article 6 of Law No. 10,833.? of 2003. CALCULATION BASIS. The calculation basis of Cofins is the revenue, which corresponds to the total revenues earned by the legal entity, regardless of its denomination or accounting classification. Therefore, the calculation basis of Cofins in the back-to-back operation corresponds to the value of the commercial invoice issued to the de facto acquirer (legal entity domiciled abroad). (MINISTRY OF FINANCE, 2008).

However, when analyzing the mechanism of this operation, it can be understood that in the first stage of the operation: purchase of products abroad, it does not fit into the concept of importation. In other words, it cannot be thought that in this operation the merchandise would be nationalized, since it was not imported. Therefore, the second stage: sale of the product abroad, cannot be understood as export, the merchandise is not national, it was not produced or manufactured using national inputs and labor.

In short, in the export process, national or nationalized merchandise must be shipped abroad. This does not occur in Back to Back operations? and, since there is no export, in fact there is no tax benefit.

2.3.2?? Transfer Pricing

Transfer pricing is used to identify the controls to which commercial or financial transactions carried out between related parties are subject (which occurs when a corporation has the power to control or have significant influence on another company, which may be its subsidiary or affiliate), headquartered in different tax jurisdictions or when one of the parties is headquartered in a tax haven.

Given the peculiar circumstances existing in the transactions carried out between these persons, the price charged in these transactions may be artificially stipulated and, consequently, diverge from the market price negotiated by independent companies, under similar conditions (MINISTéRIO DA FAZENDA, 2009).

In 2012, the Back to Back operation? was submitted to transfer pricing legislation in accordance with IN RFB 1.312/12:

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Art. 37. Back-to-back transactions are subject to the application of transfer pricing legislation, when the following occurs: I - acquisition or sale of assets to a related person residing or domiciled abroad; or II - acquisition or sale of assets to a person resident or domiciled in a country or dependency with favored taxation, or benefited by a privileged tax regime, even if not bound. § 1 For the purposes of the provisions of the caput, back-to-back transactions are those in which the purchase and sale of products occur without these products actually entering or leaving Brazil. The product is purchased from a country abroad and sold to a third country, without the transit of the goods in Brazilian territory. § 2 It must be demonstrated that the profit margin of the entire transaction, practiced between affiliates, is consistent with the margin practiced in transactions carried out with independent legal entities. § 3 Two (2) parameter prices shall be calculated for the purchase transaction and the sale transaction, observing the legal restrictions on the use of each method of calculation.

On the other hand, Law No. 9,430/96, hierarchically superior to the one mentioned above, determines that only transactions with persons related to export operations are subject to transfer price control:

Art. 19. Revenues earned from transactions carried out with related persons are subject to arbitrage when the average sale price of goods, services or rights, in exports made during the respective period of calculation of the income tax calculation basis, is less than ninety percent of the average price charged on the sale of the same goods,? services or rights, in the Brazilian market, during the same period, under similar payment terms.

As analyzed in the previous chapter of this article, the Federal Revenue Service itself classifies that Back to Back operations? do not qualify as exports. Therefore, in view of this scenario, it could not be submitted to transfer pricing, arbitrating the minimum price in sale operations by a Brazilian company.

Transfer prices in exports use as a parameter the average price practiced in the Brazilian market, and in Back to Back operations, ?goods do not travel in the country. In fact, it is inconsistent to impose the average selling price of goods in the Brazilian market.

Article 18 of Law No. 9,430/96 does not restrict its application to import operations, including acquisitions. In this way, it achieves any acquisitions abroad:

?Art. 18. The costs, expenses and charges related to goods, services and rights, included in the import or acquisition documents, in transactions carried out with a related person, will only be deductible in the determination of the actual profit up to the amount that does not exceed the price determined by one of the following methods.

In view of the provisions of Article 18, it can be admitted that the transfer pricing rules apply to Back to Back transactions? related only to the part of the business pertinent to the purchase of goods abroad. However, it would not properly apply as a whole, being correctly attributable to only part of this operation.

In short, transfer pricing controls have no applicability to Back to Back operations, mainly because such controls were not developed for this purpose.

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3???? Research Methodology and Data

The methodology adopted in the elaboration of this article was qualitative research, using bibliographic means.

The present study is, in terms of objectives, a descriptive and exploratory research, collecting data on this subject in books, articles and websites.

From the use of descriptive research, this article intends to demonstrate the main theoretical aspects that underlie the theme in reference. In this sense, Beuren (2003) explains that,

Descriptive research is an intermediate study between exploratory and explanatory research, that is, it is not as preliminary as the former, nor as in-depth as the latter. In this context, describing means identifying, reporting, comparing, among other aspects.

This study aims to identify the main aspects related to the Back to Back ?operation anchored in foreign trade and its tax impacts.

4???? Advantages

In view of the line of reasoning outlined in this article, it is evident the benefits that the Back to Back mechanism? offers, tax costs are the main advantages of the operation, in addition to reducing the logistics costs that would affect the export of goods.

Lunardi (2011) explains that the Back to Back operation? is a relatively new alternative for many negotiators and should be better explored by these professionals, issues such as a less bureaucratic process of commercialization, absence of logistics circulation in Brazil and savings such as labor, inputs, and taxes are relevant evidence of the advantages.

Figure 2 – Illustrative control of the main taxes levied in the comparison of the modalities of Import, Export in comparison with the Back to Back operation:

Zimmermann (2012) highlights the financial gain as one of the main advantages offered in this operation, since the sale value is necessarily higher than the purchase value.

The Back to Back structure ?also pays attention to the possibility of being able to generate other business combinations, such as, for example, exporting the merchandise from Brazil, adding some part to the product abroad and from there finalizing the export process to a third country. The operation does not need to be tied to a triangular structure, where the Brazilian company buys goods from one country and sells them to another. Buy from the supplier in a country and sell to the final recipient in that same country, of course obeying local legislation (SEM FRONTEIRA, 2008).

5???? Conclusion

The present study sought to analyze an operation that has gained evidence as an innovative alternative within the foreign trade scenario, in this sense, it is necessary to improve the Brazilian tax legislation with regard to the Back to Back operation.

The objective of this article was to analyze the tax impact on Back to Back operations. Thus, it was found that the studied operation enables many advantages, such as financial gain, elimination of logistics costs and especially benefits with the reduction of the tax burden compared to a classic import and export process.

However, through this study, it was found that there is no specific regulation for this operation, which creates doubts on the part of the institutions that operate within this modality, opening room for discussions with the Federal Revenue Service regarding their tax obligations. As Sem Fronteiras (2008) points out, this operation is freely practiced, but because the foreign exchange regulation does not mention the operation in detail, there are obstacles to its commercial realization.

The Federal Revenue Service creates a paradigm for the mechanism under discussion, it requires PIS and Cofins on revenues from Back to Back operations? precisely because it does not consider them export revenues, but qualifies them as exports for transfer pricing purposes.

In short, the tax discussion about Back to Back operations? goes beyond its classification as to an export process or not. As it is a mechanism with its own characteristics, it needs to be properly equated in the Brazilian tax legislation and transfer pricing controls are not for this purpose.

It is essential for the Brazilian tax legislation to go hand in hand with the evolution of innovative mechanisms of foreign trade. In view of this, the operation under study should be understood as subject to tax incentives and benefits, as it raises foreign exchange for Brazil, and it is necessary to change or create legal rules that provide, as well as in exports, incentives for this operation.

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