The elevation of the Financial Operations Tax (IOF) mobilized the sectors of the economy against the posture of the federal government.
From retail to industry, there is a movement that makes credit more expensive and, consequently, walks in the opposite direction of the development of economic activity.
“Such measures will result in the increased costs of companies, including those of the industrial sector, already penalized by unequal tax distribution and difficulty access to credit – especially in an extremely contractionist basic rate and excessively high bank spreads.
The entity argues that IOF’s discharge goes against measures adopted by the government itself, such as the Nova Indústria Brasil (NIB) program, aimed at promoting the activity and production of the sector.
Rafael Cervone, president of the Center of Industries of the State of São Paulo (CIESP) and First Vice of Fiesp, sees the measure as another factor that adds to the so -called “Brazil Cost”.
“We have just been surprised with more of this practice, with the recent increase in the IOF Industry and IOF Energy Development Account (CDE) on corporate credit operations, from 0.38% to 0.95%, which is being discussed with the Government by the private sector and the National Congress”, lists Cervone.
“The two measures are added to all the problems generating ‘cost Brazil’, which has long been limited the growth of GDP and suffocated to industry, an activity that requires constant investments in technology, equipment and professional training to be competitive,” he says.
The highest IOF is a factor that also adds to credit already pressured in the country due to the Selic rate – defined by the Central Bank (BC) to measure the country’s basic – high interest rates ,.
“The measure, taken in a context where Brazil still lives with one of the highest real interest rates in the world, further aggravates the cost of credit for companies, directly impacting productive activity and investment,” says the Federation of Industries of the State of Rio de Janeiro (Firjan).
“The rise of the IOF rates on loan operations, advance to depositor, financing and excess limit – which doubled to legal entities – represents an immediate increase in working capital, crucial for maintaining industrial and commercial operation throughout the country,” he points out.
In addition to the industry, retail is also seen on uncertain ground with the discharge of IOF. The Federation of Commerce of Goods, Services and Tourism of the State of Bahia (Fecomércio-BA) puts in perspective not only the risk linked to the earnings of the credit, but also the distortions that can be generated with the increase of tax for some currency operations.
“The increase in the tax burden on credit operations-which represents an increase of more than 110% per year in the IOF for business loans-directly the productive financing, adds to the worsening of market distortions, such as the tax exchange operations, which makes the importation of inputs and capital goods, fundamental for investments and modernization of the national productive park,” he asks.
A group of confederations launched a manifesto, on Monday (26),.
The document says that “the Brazilian private sector receives with concern the measures announced by the federal government of increasing IOF tax rates (Tax on Financial Operations).”
“The decision generates unpredictability and increases the costs to produce in the country. With the measures, the costs of companies and businesses with credit, exchange and insurance operations will be raised by $ 19.5 billion only in the year 2025. For 2026 the cost increase reaches $ 39 billion,” he says.
Sign the document The National Confederation of Commerce (CNC), Industry (CNI), Agriculture (CNA), Insurers (CNSEG), Financial Institutions (CNF), the Organization of Brazilian Cooperatives (OCB) and Abrasca (Brazilian Association of Open Companies).
In an interview with CNN MoneyFelipe Tavares, CNC chief economist ,.
“In the regulatory part, this [o IOF] It means a tax for you to encourage or discourage market behaviors, activities. So, since the government increases the IOF, you will discourage credit operations, all capital flow, currency operations and this tends to have a very perverse effect on the cost structure of companies, “Tavares explained.
“This reflects on difficulties in economic activity […]In addition to generating a very bad signage in terms of legal certainty and showcase for Brazil, being an even more hostile country for business, “he said.
But at an event, CNSEG President Dyogo Oliveira ,.
“The sector [de seguros] Finances 25% of the public debt of this same government that wants to impose such an absurd IOF that it makes anyone impossible to put more than $ 50,000 in a VGBL. It’s 5% of the person’s savings, not about people’s performance, “he argued.
