The Chamber of Deputies approved this Wednesday the basic text of the project that allows the updating of assets of movable and immovable assets. The text incorporates tax measures originally foreseen in the provisional measure (MP) alternative to the Tax on Financial Operations (IOF), which lost validity this month. The text, reported by deputy Juscelino Filho (União Brasil-MA), was adjusted at the last minute following a government request and now goes to the Senate. There were 275 votes in favor and 133 against.
The proposal creates the Special Regime for Asset Update and Regularization (Rearp), which allows the updating of the value of assets acquired with resources of lawful origin and the regularization of undeclared assets or assets declared with error or omission. The expectation is that the measure will generate extra revenue and help with the government’s fiscal recovery. During the vote, the rapporteur argued that the proposal was “tax justice”.
— We are dealing with a measure that provides tax justice and controls government spending so that we can maintain important programs such as Nest Egg.
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In addition to Rearp, Juscelino included part of the IOF MP initiatives in the project, which dealt with controlling expenses and increasing revenue, with an estimated impact of R$20 billion. The maneuver, seen by the opposition as the insertion of tortoises, generated reactions in the plenary — and it drew attention to the fact that the PSOL voted against it on the same day that the party gained its second ministry in the government, with the inauguration of the General Secretariat of the Presidency.
Parliamentarians from the party criticized the inclusion of the Pé-de-Meia program among the project’s measures, arguing that the change, presented as an increase in investments, would imply cuts in the education budget.
— The Nest Egg is a good program, but it was presented as an additional measure and not part of the budget. The practical result is a cut — said Tarcísio Motta (PSOL-RJ).
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Dissatisfaction brought together ideologically opposing acronyms. PL and Novo joined the criticism, arguing that the text was used to resurrect excerpts from MP 1,303, which had lost its validity.
— The project is good, but they put MP 1,303 on the back burner. It’s a trick that puts pressure on us — said Gilson Marques (Novo-SC), who had reported the proposal at the CCJ.
Among the approved devices are:
- Restriction on tax compensations (a measure with which the government hopes to raise R$10 billion next year);
- Adjustments to closed season insurance, such as the need for biometric registration and the requirement that the fisherman prove domicile in the region where the closed season is;
- Inclusion of the Pé-de-Meia program in the constitutional floor of Education and removal of the R$20 billion ceiling for Union contributions;
- Reduction in the period of sickness benefit granted through document analysis (Atestmed);
- Limitation of social security compensation between regimes to the amount provided for in the budget law.
One point of friction raised by parliamentarians was defense insurance. Hildo Rocha (MDB-MA) stated that the device restricts access to the benefit paid to fishermen.
— I think the project is fundamental, but I don’t agree with defense insurance. I know we have to combat fraud, but the way it is here I believe that few will be able to receive it. It requires the fisherman to have an invoice for the product — said Hildo Rocha (MDB-MA).
The rapporteur also maintained two measures with a lower fiscal impact, relating to the taxation of share and bond loans and the rule for accounting for losses from international hedging in the CSLL calculation basis.
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Retreat on FGTS
In the final stretch of the negotiations, Juscelino removed from the opinion the section that dealt with the anticipation of the FGTS anniversary withdrawal, after a meeting between the president of the Chamber, , and the executive secretary of Finance, Dario Durigan. The Treasury was opposed to the inclusion of the provision, which annulled a recent decision by the fund’s Board of Trustees to limit credit operations based on the FGTS.
The adjustment was considered essential to unlock the vote and preserve understanding with the Ministry of Finance, which had been pushing for the proposal to be voted on this week.
New rates and deadlines
In relation to the original content, the text increased the Income Tax rate on the updating of assets from 3% to 4% in the case of individuals. For legal entities, the charge will be 4.8% IRPJ and 3.2% CSLL. The rapporteur also authorized the updating of assets located abroad.
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In the regularization modality, the fine was increased, from 15% to 100% of the tax due. The membership period was reduced from 210 to 90 days, and the payment of taxes fell from 36 to 24 months.
Furthermore, the minimum maintenance period for updated assets was shortened: five years for properties and two years for others.
The government was working to vote on the project this Wednesday, with an eye on resuming discussions on the 2026 Budget. The approval is seen as a relief after the expiration of the IOF MP, which had been blocked due to lack of consensus.
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Behind the scenes, interlocutors from the Treasury claim that the approved text guarantees what is essential to rebuild revenues and offers a “safe solution” to preserve the fiscal content of the MP without reopening fronts of political conflict.
