The increase in social contribution on net income (CSLL) for fintechs, imposed by the Provisional Measure (MP) published last Wednesday (11), caused an immediate reaction of eight sector associations, which classify the decision as “significant increase in tax burden” adopted without consultation or prior technical analysis. . Large banks follow a 20%rate.
Entities – Zetta, Abipag, Abranet, Acrei, ABFINTECHS, ABCD, paid and abbaas – say that the measure directly undermines the competitiveness of these institutions and endangers the provision of affordable financial services.
“These institutions were responsible for promoting the financial inclusion of tens of millions of Brazilians,” argue in the note.
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According to the signatories, the MP ignores regulatory differences between banks and fintechs, especially in relation to the use of leverage and the services authorized to each type of institution. This discrepancy, argue, would justify different tax regimes.
The note points out that today, fintechs already face effective tax burden up to twice as much as banks, a situation that should get worse with the MP. The increase, under the understanding of the associations, will have a direct impact on the end consumer, through:
- higher credit cost;
- Reduction or interruption of free services;
- setback in financial inclusion achieved in the last decade.
Associations argue that “the balance of tax accounts will not be achieved with less competitiveness in the financial sector, with increased credit cost or promoting a setback in the financial inclusion of tens of millions of people attended by fintechs.”
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The document reinforces the willingness of the entities for a technical and collaborative debate, without penalizing innovations implemented in recent years. However, they ask the government to reconsider the terms of the MP, considering the impacts on the low -income population benefiting from finance services offered by fintechs.
According to parliamentarians signs, the MP, as well as the elevation of the IOF ,. It has immediate validity ,.
