Corinthians secure extension to avert termination after missed federal tax instalments | OneFootball

According to Meu Timao, Corinthians have secured extra time from the Procuradoria-Geral da Fazenda Nacional, avoiding termination of their tax settlement after missing four instalments, and the agreement remains in force.

The club were notified in September over unpaid instalments for June, July and August, and the deal states that missing three consecutive or alternating payments can trigger rescission.

The board asked PGFN for more time, citing efforts to stabilise finances during talks with Caixa Econômica Federal on the Neo Química Arena refinancing. In September they proposed the bank take the stadium’s naming rights in exchange for writing off an estimated R$ 630 million.

With discussions ongoing, the Arena’s quarterly payments were paused, so Corinthians did not pay roughly R$ 25 million to R$ 30 million due in September.

On the federal plan, Sispar records show non-payment for June, July and August, and for the instalment due on 30 September. Each instalment is R$ 2,001,982.48, plus non-previdenciary payments of R$ 4,829,616.18, leaving about R$ 27.3 million outstanding before charges.

Had the PGFN deal been rescinded, the original debt would have been restored in full and legal collections would resume, with a two-year bar on any new transaction. In February the club obtained a 46.6% discount on a R$ 1.2 billion federal debt, which remains the framework now at risk if payments lapse again.

Source: Meu Timao

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