The proposal, submitted to the STF on Thursday (June 27), allows the use of up to 50% of the tax loss to pay fines.
Novonor, (formerly Odebrecht), reported that it accepted, on Monday (June 24, 2024), the federal government’s proposal to renegotiate the terms of the leniency agreement signed within the scope of Operation Lava Jato.
“Novonor reiterates the content of its positive statement in response to the CGU on 06/24, where it expresses, exactly, the following: ‘In view of the above, the Collaborator reiterates here its statement of agreement with the proposal sent, submitting, for the purposes of improvement, its considerations and suggestions’”the company said in a note to Power360.
A proposal of the CGU (Comptroller General of the Union), prepared in conjunction with the AGU (Attorney General of the Union), allows companies to use up to 50% of the tax loss to pay off part of the fines agreed in leniency proceedings.
In addition to Odebrecht, 6 other companies can join the proposal: Andrade Gutierrez, Braskem, CCCC (formerly Camargo Corrêa), Metha (formerly OAS), Nova Participações (formerly Engevix) and UTC.
On Thursday (June 27), CGU and AGU delivered to the STF (Supreme Federal Court) the final proposal for conciliation of the leniency agreements. The proposal provides, as provided for in Law No. 13,988/2020:
- Conditional exemption from the late payment fine applicable to overdue installments;
- Conditional exemption from default interest on the outstanding balance until 05/31/2024, with only monetary correction being applied;
- The use of tax loss credits and the negative calculation base of the Social Contribution on Net Profit (CSLL), in the calculation of Corporate Income Tax (IRPJ) and CSLL, limited to cases in which, after analysis, the company’s debt is difficult to recover financially;
- Renegotiation of the payment profile (payment schedule), according to the companies’ payment capacity.
The agreement also provides that the sum of previous benefits cannot, in any situation, exceed the maximum settlement of up to 50% of the updated outstanding balance of each leniency agreement. The CGU emphasizes that there was no reclassification of facts.
The CGU and AGU have requested an additional 30 days from the STF to finalize the proceedings and conclude the debate on additional clauses to the agreement, such as the term and value of each installment. After this period, the negotiation will be submitted for analysis and approval by Minister André Mendonça.
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