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Supreme Court Upholds Sharing of Banking Data for ICMS Tax Oversight: CONFAZ Regulation Validated

  • Supreme Court validates sharing of banking data with states for ICMS tax oversight
  • CONFAZ regulation requires financial institutions to provide information on electronic transactions
  • Financial institutions must provide state governments with information on bank transfers and payments involving ICMS tax collection
  • Majority opinion of STF upholds constitutionality of providing data
  • Dissenting opinion finds regulation unconstitutional due to lack of clear criteria for data transfer and confidentiality maintenance
  • Concerns raised about relaxed rules for data sharing and risk of unauthorized parties accessing banking information without judicial approval

Source: klalaw.com.br

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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