The Ibovespa amended the second gain after alternating highs and lows in recent days, having turned to the positive in the early afternoon, when, in an interview with broadcast, the rapporteur of the Income Tax reform project, Celso Sabino (PSDB-PA), anticipated that he would maintain the exemption for real estate investment funds, in infrastructure and logistics. Sabino said, however, that he will keep the 20% tax on profits and dividends, which he believes has already been well assimilated by companies.
Although the New York indices were united at a low in the middle of the afternoon, on a day of consumer inflation in the US at the highest level in 13 years in June, which reinforces the concern about the moment of possible recalibration in the granting of stimuli In monetary terms, the Ibovespa found the strength to take off and close the session up 0.45%, at 128,167.74 points, after an increase of 1.73% the day before, which had been the highest, in percentage, since the day May 7th.
Today, with financial turnover limited to R$ 28.0 billion at the close, it fluctuated between a low of 126,441.10 and a high of 128,420.39 in the afternoon, having started the session at 127,594.35 points. In the week, it advances 2.18%, while in the month the gains go to 1.08% and, in the year, to 7.69%. Upon resuming 128,000 points, the Ibovespa closed today at its highest level since June 24, when it closed that session at 129,513.62 points, on the eve of the announcement of the government’s original proposal for the reform of the Income Tax, which would result on the day next, down 1.74% for the B3 benchmark.
In an interview with Broadcast, the IR reform rapporteur also said that the president of the Chamber, Arthur Lira (PP-AL), will put the text to a vote as soon as there is “consensus”, and stressed that the changes should be approved later this year , so that they can be valid in 2022. According to sources, the recalibration of the IRPJ pleased Febraban – today, the president of the entity, Isaac Sidney, met with the minister of Economy, Paulo Guedes, and the secretary of the Federal Revenue, José Tostes Neto, to talk about the reform.
Lira said that the preliminary opinion could be voted later this week, if there is “environment and convergence”. The rapporteur presented the report to the leaders today and the proposal is now being debated with the Chamber’s benches. “Continuing at the pace it was today, the text of the Income Tax tax reform may be ready to be voted on this week,” Lira said on Tuesday. He also said that the proposal is “neutral, fair and modern”.
With the developments around the reform, the shares of large banks, which contributed to holding the Ibovespa earlier, even changed direction as a block, but ended the day with a mixed signal, between a loss of 0.43% (BB ON) and gain of 0.61% (Itaú PN). At the end, the day was positive for commodities (Petrobras PN +0.61%, Vale ON +0.59%) and for steel stocks (Usiminas PNA +1.33%, CSN ON +1.00% ). At the top of the Ibovespa, Hypera rose 6.36% and Hering, 5.56%, with Embraer (-2.94%) and Cemig (-2.06%) on the opposite side of the index.
In response to the perspective of maintaining the income tax exemption in real estate investment funds, the actions of mall administrators, such as BR Malls (+2.63%) and Multiplan (+2.86%) were aligned with the champions of the day – highlight also for JHSF (+3.16%). “In the presentation of the preliminary opinion of deputy Celso Sabino, the real estate funds will not be taxed, and the rate will be reduced from 20% to 15% on capital gains. This news, in particular, boosted the construction and shopping sector, as the funds are used as a form of financing”, observes Rafael Ribeiro, an analyst at Clear Corretora. “The rapporteur also deepened the reduction of the IRPJ for companies of all tax regimes”, adds the analyst.
“In addition to the issue of real estate funds, which counts for a lot, the scenario is still one of recovery for GDP in the second half, with revisions not only to the forecasts on the level of activity but also to inflation, which has been reflected in the DIs. We had a further improvement in the performance of services, which, with continued vaccination and no worsening related to coronavirus variants, contributes to this positive bias. There is still a lot to come regarding the reform (of the IR), it could come even better than expected, with dehydration of Guedes’ first proposal”, says Thiago Raymon, head of strategy at Wise Investimentos.
+ Learn about the effectiveness of each vaccine against Covid-19