Corinthians miss four instalments on PGFN tax deal, rescission possible | OneFootball

Corinthians have failed to pay the September instalment and three overdue payments under a tax settlement with the PGFN, which cut a federal debt from R$ 1.2 billion to R$ 679 million.

According to Globo.com, four months of default have left R$ 8,007,929.92 outstanding in social security debts and R$ 19,318,464.72 in non-social security debts, a total of R$ 27,326,394.64.

Instalments are adjusted by the Selic base rate. Signed in February, the agreement saw the Osmar Stabile administration pay the first four instalments, then stop from June.

The contract states that missing three instalments, consecutive or not, permits termination. The PGFN notified the club in August over the arrears, has not issued a further update, and the deal remains in force.

Rules set out in Portaria PGFN/ME nº 6.757 of 29 July 2022 give taxpayers 30 days after notification to settle or file an administrative challenge.

If the deal is terminated, the original debt is reinstated without discounts, minus amounts already paid, and collections resume in and out of court. The club would also be barred for two years from entering any new settlement, even for different debts.

Source: Globo.com

“Artificial intelligence was used to assist in creating this article based on reporting from the original source quoted.”