Especially in the FIDCs sector (Credit Rights Investment Funds), investments were strongly impacted by the Government Decree that had raised the IOF (Financial Operations Tax).
The sector speaks of “an expressive amount of resources [que] It remained dammed “While the measure was in force, according to Ouro Preto Investimentos, one of the largest fidc managers in the country. This considering that the fund market had been capturing from $ 2 billion to $ 3 billion per month before the tax increase.
After the Congress ,. Ouro Preto ceded exclusively to CNN Calculations in which it estimates that the judicialization of the case endanger credit to more than 3 million companies.
“With the lack of legal clarity, FIDC administrators are in a delicate situation. The question is whether the IOF will focus on the investor at the time of application as well as the fidc quota purchase operations within the fund. As a precaution, many investment funds that buy fidc quotas suspended the funding until the government or the IRS,” Leandro Turaça explains, explains, explains Leandro Turaça, explains, Ouro Preto Investments Partner.
“If this impasse persists, the cash flow of companies that depend on this type of credit originated by FIDCs will be severely affected,” he emphasizes.
The manager points out that one of the consequences of uncertainty is a probable increase in default and requests for judicial recovery.
Richard Ionescu, a consultant to the Iox I Fidc Fund, points out that the decision of the legislature represented a relief to the market, but by bringing the issue to the court, the government brings back a ghost.
“The fall in fidc product capture was significant and what could affect the financing of small and medium -sized production, as their cash flow depends on this type of credit originated from the fidc product,” he recalls.
To try to circumvent the scenario, the Ouro Preto team sought to generate, on the first day of new applications, a return above 0.38%, compensating the tax amount. Daily profitability would then be adjusted over time.
