By Bernardo Caram and Marcela Ayres
BRASILIA (Reuters) – The government is evaluating the possibility of raising the Social Contribution on Net Income (CSLL) rate levied on financial institutions to offset the impact generated by the overturning of a presidential veto on a tax debt refinancing program for micro and small businesses. companies, three Economy Ministry sources told Reuters.
In early March, the National Congress overrode President Jair Bolsonaro’s veto and authorized the adoption of the debt renegotiation program for small companies. Technicians from the economic team argued that the measure was against the public interest and benefited companies that were not impacted by the Covid-19 pandemic.
When the text was vetoed, the economic team estimated that the total cost of the program would be 1.7 billion reais in ten years, which means an average waiver of 170 million reais per year, an amount that would need to be offset.
The CSLL rate for financial institutions was raised in March of last year, from 20% to 25%, valid until December 31 of the same year. The measure was adopted as part of the compensation for the loss of revenue after the reduction of PIS/Cofins rates on diesel oil and cooking gas.
Still at the end of 2021, the economic team evaluated keeping the rate charged from banks at a high level to face the exemption of the payroll of companies. The measure was not adopted and the charge returned to 20%.
Now, the government is studying resuming the increase in the rate, although the idea is to bring it to a level below 25%. The information was initially reported by the newspaper O Globo.
In discussions about the veto of the so-called Refis do Simples, the Ministry of Economy also evaluated other actions. Among the possibilities was a cut of tax incentives for industries that produce soda syrup in the Manaus Free Trade Zone, an alternative that is still on the table.
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