Will cost up to $ 19.9 thousand for every $ 100,000 dollars moved by companies in shipments abroad, according to an estimate by XP at the request of the Infomoney.
Before, these operations had an average cost of $ 2,100 every $ 100,000. That is, after the package announced by the Ministry of Finance last week, there was a difference of more than $ 17 thousand reais. The calculations consider a quote for the dollar of $ 5.70.
These values refer to operations such as purchase and sale of goods without passing the country (including back to back), international transportation, insurance, international travel, import imports, and payment of royalties. For all of them, the rate, which was 0.38% until May 22, became 3.5%.
As the term of the new rates was immediate after the publication of the decree, several companies were taxed amid the ongoing transactions. This is because exchange operations usually have a few days to be settled.
Thus, who did an operation with an IOF on Wednesday (21), the eve of the announcement of the measure, or on Thursday (22), the day of the measure, was taxed more when the settlement occurred on Friday (23) or second (26).
“As the generating fact of the IOF is the settlement of the exchange rate at the time of the debt of the reais, the new decree compromised operations already contracted, including as future operations, which were initially negotiated with 0.38% IOF but, in liquidation the banks, will need to change to 3.50%, as appropriate,” says Thiago Gama, head of exchange and negotiations at XP.
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IOF makes loans available abroad
In the case of loans abroad (up to 364 days), the rate went from zero to 3.5%, which made the operation $ 19.9 thousand more expensive for every $ 100,000 moved.
These transactions represent 8.11% of the entire volume of transaction exchange in the second half of 2024, according to XP analysis based on Central Bank data.
These loans are used by companies as alternatives to have working capital in operations known as “4131,” explains Gama. The number refers to the law that disciplines these applications in the country.
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“In these cases, the company, which at first would not have incidence of this tax, has to pay 3.5%, which generates an impact and will require adjustments,” says Gama.
In the table below you can see the full analysis of XP. When rolling the table bar, it is possible to see the tax increase in each financial operation, how much these operations represent in volume of moved dollars, and the increase in costs for companies.
| Operations | Before the decree | After a new decree | Difference | How much represents the exchange volume % (1) | Volume No Market (1) | How much would pay before (2) | How much it pays now (2) |
| Imports of goods (shipping $) | 0 | 0 | 0 | 25,36% | US$ 119,6 bi | R$ – | R$ – |
| Exports of goods (receipt of $) | 0 | 0 | 0 | 31,94% | US$ 141 bi | R$ – | R$ – |
| Purchase and sale of goods without customs traffic in the country (including back to back) (shipping $) | 0,38% | 3,50% | 3,12 p.p. | 0,19% | US$ 896 mi | R$ 2.166,00 | R$ 19.950,00 |
| International Transportation (Shipping of $) | 0,38% | 3,50% | 3,12 p.p. | 1,95% | US$ 9,18 bi | R$ 2.166,00 | R$ 19.950,00 |
| Insurance (shipping $) | 0,38% | 3,50% | 3,12 p.p. | 0,26% | US$ 1,2 bi | R$ 2.166,00 | R$ 19.950,00 |
| International trips (shipping $) | 0,38% | 3,50% | 3,12 p.p. | 0,58% | US$ 2,75 bi | R$ 2.166,00 | R$ 19.950,00 |
| International Card – Goods, Services and Withdrawals (Shipping of $) | 3,38% | 3,50% | 0,12 p.p. | 1,04% | US$ 4,88 bi | R$ 19.266,00 | R$ 19.950,00 |
| Import of services, royalties, others (shipping $) | 0,38% | 3,50% | 3,12 p.p. | 5,16% | US$ 24,33 bi | R$ 2.166,00 | R$ 19.950,00 |
| Brazilian investments in the financial market of capital abroad (sending $) | 0,38% | 1,10% | 0,72 p.p. | 5,53% | US$ 26 bi | R$ 2.166,00 | R$ 6.270,00 |
| Loans from abroad (up to 364 days) (receipt of $) | 0,00% | 3,50% | 3,50 p.p. | 8,11% | US$ 35,78 bi | R$ – | R$ 19.950,00 |
| Non -exterior availability ($ shipping) | 1,10% | 3,50% | 2,40 p.p. | 2,21% | US$ 10,42 | R$ 6.270,00 | R$ 19.950,00 |
(2) Example in an operation of US $ 100,000, with quotation of R $ 5.70
Fonte: XP
Government admits to evaluate alternatives
The announcement of the change in IOF last Thursday (22) generated strong reaction in the market and forced the government to retreat in part of the decision. Hours after the announcement of the measure, the government stated that and the next day published a new decree on the subject.
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This Wednesday (28), the executive secretary of the Ministry of Finance, Dario Durigan, admitted that. He said the portfolio is sensitive to financial sector claims and will be “lifting” on the subject.
Companies will have to adapt
For Gama, the market has been “been on its side” since Friday, a day after the announcement of the new rules. “Since Friday the market has been sidelined with companies trying to understand if there will be no other change, no pushback“, He says. The scenario, according to Gama, is from companies evaluating even when they can hold financial operations until the situation stabilizes.
Miguel José Ribeiro de Oliveira, director of the National Association of Executives (Anefac), says the market is alert to the increase in taxation in a context in which taxes are already high.
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“Any tax increase, especially in a country that already has a high tax burden, is very bad for the economy. It will make credit, financing, and applications. It was no wonder that the market did not receive this tax rise very well, which led the government to have to take a step back,” he says.
For Priscila Farisco, a tax lawyer and partner of Viseu Advogados, companies will have to adapt to new taxation and reevaluate investment plans.
“This significant increase can become a relevant burden on companies, especially in a challenging economic scenario. It is essential that companies reevaluate their investment plans and consider alternatives to minimize the impacts of the increase in credit costs on their operations,” he says.
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