Six of the main entities representing the fintech sector in Brazil announced on Tuesday (3) an open letter against the possibility of increasing the tax burden on the sector as a way to compensate for a possible revocation of the decree that raised the IOF. The measure has been discussed as an alternative in the government and Congress, which gave deadline until this week for the economic team to submit substitute proposals.
The Zetta, Abipag, Abranet, ABFINTECH, ABCD and paid associations say they were not called to dialogue on the subject and reject any change that may affect the competitiveness of the sector, which they were essential for the expansion of access to financial services in the country.
“An increase in the high tax burden of fintechs endangers important achievements for Brazilian society such as financial inclusion, free accounts, increased credit supply and improvement of services provided to the consumer,” the document says.

The letter points out that fintechs do not enjoy tax privileges and that the small tax differences in relation to banks reflect the limitation of scope and the regulatory model aimed at the entry of new players into the financial system. “Fintechs are part of the solution to strengthening the national financial system,” the entities say.
Among the arguments presented, the sector points out:
- Reduction of market concentration in credit and cards;
- 36.8% drop in bank rates with fintech entry, according to FIPE study;
- Free or low cost to millions of microentrepreneurs;
- Greater customer satisfaction and service efficiency compared to traditional banks;
- Participation in policies such as Pix and Open Finance.
The demonstration occurs amid the negotiations conducted by Minister Fernando Haddad’s team to prevent the revocation of the IOF decree, criticized by various sectors and led the government to study alternatives. Congress defends the taxation of crypto, online bets (BETS) and tax exemption review.
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The government promised to present a tax package on Tuesday, with structural measures that should involve a PEC, a bill and a provisional measure. Meanwhile, the IOF decree is still in force in its revised version, with the risk of being overthrown by Congress if there is no political agreement until the end of the week.