Debit and Credit Notes in the Tax Reform and the Innovations of SINIEF Adjustment 49/2025

The implementation of the Tax on Goods and Services (IBS) and the Contribution on Goods and Services (CBS), established by Complementary Law No. 214/2025, introduces a new paradigm in the assessment of consumption taxes in Brazil. Under this model, the concept of assisted assessment is consolidated, whereby debits and credits are no longer determined exclusively through the taxpayer’s internal records, but instead depend directly on tax documents transmitted to the Management Committee’s system. As a result, any economic adjustment must be formalized through appropriate documentation.

In this context, Debit and Credit Notes emerge as instruments designed to ensure the materiality and traceability of adjustments impacting the calculation of IBS and CBS. Unlike the previous ICMS framework—where adjustments could be made through simple bookkeeping—the new system requires that increases in debits, reversals of credits, reductions in values, and other corrections be individually documented. This enhances the integrity, transparency, and control of the information used by tax authorities. Accordingly, Debit and Credit Notes assume a structural role in the operation of the non-cumulative tax system.

To operationally regulate this new framework, SINIEF Adjustment No. 49/2025, published on December 9, 2025, established specific rules for issuing these tax documents and defined the situations in which they must be used. The Adjustment introduces into the NF-e model (model 55) the purposes “5 – Credit Note” and “6 – Debit Note,” standardizing scenarios that previously lacked clear regulation and were often addressed in a fragmented manner by taxpayers.

Among the main innovations introduced by the Adjustment, four situations now require the issuance of Debit or Credit Notes:

1. Sales for future delivery with advance payment, documented through a Debit Note type 06, with CFOP 5.922 or 6.922 and without ICMS highlighting;

2. Inventory losses resulting from theft, misplacement, deterioration, or spoilage, documented through a Debit Note type 07, with a mandatory justification in the appropriate field;

3. Reduction of values or quantities when cancellation of the original NF-e is no longer possible, through a Credit Note type 04;

4. Return of goods due to refusal or failure to locate the recipient, formalized via a Credit Note type 03, accompanied by specific electronic events (“transaction not carried out” and “delivery failure”).

Although primarily designed for IBS and CBS, these notes also have implications for ICMS, since all taxes share the same tax document. Thus, even in the absence of ICMS highlighting in adjustment transactions, taxpayers remain obligated to comply with state bookkeeping and compliance rules, ensuring issuance in accordance with state tax authority requirements.

It is important to note that part of the effects of SINIEF Adjustment 49/2025 will only come into force as of May 4, 2026, and some aspects still depend on further regulation by State Finance Departments and the Management Committee.

From this point forward, we will further examine the Debit and Credit Notes introduced by SINIEF Adjustment 49/2025, with emphasis on their use cases and tax implications.

Advance Payment and the Potential Loss of Relevance of the Simple Billing Invoice

With the changes introduced by SINIEF Adjustment 49/2025, there is a clear movement toward reducing the relevance of the simple billing invoice in transactions involving advance payments. This is because the Adjustment establishes a specific document—the Debit Note for Advance Payment—intended to formally and individually record amounts received prior to the delivery of goods.

Under this new arrangement, advance payment is regularized through the debit note, while the actual sale continues to be documented at the time the goods are dispatched, through issuance of the NF-e corresponding to the final transaction.

Despite this structural change, state regulations have not yet been expressly updated to formally waive the requirement for issuing a simple billing invoice in such cases. Therefore, the interpretation that this document may lose its function stems from the regulatory framework introduced by SINIEF Adjustment 49/2025, rather than from an explicit rule determining its mandatory use or exemption.

Thus, although the new model indicates a rationalization in the use of such documents, the matter still depends on harmonization by state legislation, and companies should monitor future regulations to establish the appropriate procedure.

Recording Inventory Losses

Currently, the recording of inventory losses for ICMS purposes in states such as São Paulo and Rio de Janeiro requires two main procedures: the issuance of a write-off invoice without tax highlighting and the mandatory reversal of the ICMS credit previously taken on the purchase of the goods, as provided for in Complementary Law No. 87/1996 (Kandir Law).

With the entry into force of SINIEF Adjustment 49/2025, a specific debit note is introduced to formalize inventory losses within the IBS/CBS framework, reinforcing the requirement that such adjustments be documented through a proper tax instrument. Although this note does not, by itself, replace the reversal of ICMS credit, it changes how the event is recorded, integrating the transaction into the new documentation model established by the Tax Reform.

However, to date, states have not issued specific guidance detailing how the ICMS credit reversal should be operationalized in practice. It remains unclear whether the procedure will be directly linked to the debit note or continue to be carried out through adjustments in the Digital Tax Bookkeeping system (EFD – SPED Fiscal).

Given the absence of complementary regulation, the current understanding aligns with the framework established by SINIEF Adjustment 49/2025 but still depends on harmonization by state tax authorities for full operational clarity.

Reduction of Values or Quantities After Issuance of the Invoice

The Credit Note type “04 – Reduction of Values” must be used when cancellation of the outgoing electronic invoice is no longer possible and there is a need to reduce the amount of IBS or CBS originally reported.

This may occur, for example, in cases of overstatement of tax amounts or when only part of the quantity specified in the original tax document is delivered.

A typical example arises when, after issuance of the NF-e and shipment of the goods, the purchaser requests a reduction in the transaction value due to discrepancies in delivered quantities or as a result of commercial renegotiation. In such cases, the goods have already been delivered, but the originally recorded value no longer reflects the actual transaction.

Accordingly, it becomes necessary to adjust the tax calculation to reflect the actual value. For this purpose, the company must issue a credit note to record the reduction in the transaction value and, consequently, in the tax due.

Within the scope of the National Council for Fiscal Policy (CONFAZ), discussions are underway to harmonize ICMS-related procedures, allowing a similar approach to be applied to adjustments involving state tax amounts. Until ICMS legislation is updated, taxpayers are advised to continue observing the rules established by each state.

Tax Treatment in Cases of Refusal or Failure to Locate the Recipient

Under Article 10 of Complementary Law No. 214/2025, the taxable event for IBS and CBS occurs at the time of supply, defined as the delivery or availability of the tangible good. Therefore, when delivery does not occur due to refusal by the recipient or failure to locate them, the taxable event does not take place, and such taxes are not due.

However, ICMS legislation considers the circulation of goods as the taxable event. Thus, even if delivery is not completed, the original invoice cannot be canceled, since the goods were effectively transported.

In such cases, the sender must issue a credit note to record the return of goods due to refusal or failure to locate the recipient. This note must include ICMS highlighting, when applicable, in order to allow reversal of the tax debited in the original transaction that did not materialize. As a result, there is no need to issue an incoming invoice to reverse the ICMS.

Technical Note 2025.002 version 1.34 establishes that debit and credit notes will generally not be used for ICMS and IPI adjustments unless specifically regulated. In the case of credit notes for refusal or failure to locate the recipient, such regulation was introduced by SINIEF Adjustment 49/2025, which is why ICMS highlighting must be included where applicable.

As for the reversal of IPI, PIS, and COFINS, no specific regulation has yet been issued on the matter.

Final Considerations

The changes introduced by SINIEF Adjustment 49/2025 represent progress in the standardization of tax records related to debit and credit adjustments within the new tax framework. However, several operational aspects still depend on further regulation, particularly regarding integration with ICMS legislation and the specific procedures to be adopted by taxpayers.

In light of this scenario, companies are advised to closely monitor publications from State Finance Departments, as well as any guidance issued by the Federal Revenue Service and CONFAZ, in order to ensure proper compliance of their tax processes with the new rules.

Text written and published by Giovanna Diniz and Julia Villares