Senate leaders are considering giving up the creation of a tax on oil exports and the use of foreign exchange reserves to ease the price of fuel in the country, proposals that are included in the package scheduled for this Wednesday in the House. On the other hand, there are attempts to expand even more the subsidies granted by the projects.
The package is scheduled for a vote in plenary at 4 pm and can still be postponed. The measures include the creation of a price stabilization account, the alteration of the ICMS collection model, but with freedom for each governor to define the rate, and the expansion of the gas voucher to needy families, in addition to a subsidy to the gratuity of the bus fare for seniors.
The leaders of the MDB, Eduardo Braga (AM), of the PSD, Nelsinho Trad (MS), and of the PL, Carlos Portinho (RJ), presented amendments to one of the projects to remove the tax on oil exports, foreseen as one of the sources to supply the “cushion” created by the proposal to ease the prices of diesel and gasoline in the country.
“Such legislative innovation will lead to a decrease in Brazil’s attractiveness for oil and natural gas Exploration and Production (E&P) ventures. This will jeopardize future block auctions, inside and outside the pre-salt layer”, said Braga when presenting the amendment.
The project creates the tax with rates ranging from 0% to US$45 per barrel and from 12% to 20% for products over US$100. foreign trade concepts. In short, the creation of an export tax on oil could compromise the competitiveness of the national product in the foreign market”, wrote Nelsinho Trad in the justification of the amendment.
The rapporteur of the proposal, Jean Paul Prates (PT-RN), has previously admitted withdrawing the tax from the project. In a press conference on Tuesday, the senator stated that the impact of the measure “is more psychological than actually financial”, as the government would have other sources of revenue at hand to use in the compensation account, such as Petrobras dividends paid to the Union.
Senator Rogério Carvalho (PT-SE), author of the project, presented an amendment to remove the possibility for the government to use the positive result found in the Central Bank’s balance sheet, arising from the equity appreciation of foreign exchange reserves, as a source for the stabilization program of prices. This is another change that the rapporteur considers accepting.
When voting the package in plenary, there is a risk that subsidies and financial aid will increase even further. For now, the package doubles the scope of the gas voucher, with an impact of R$1.9 billion in 2022, and obliges the government to subsidize free public transport for the elderly, a measure calculated at R$5 billion this year.
Senator Mecias de Jesus (Republicans-RR) proposes that the government pay 100% of the price of cooking gas to families benefiting from the existing program, which subsidizes half of the amount. In addition, an amendment by the senator creates a new permanent income transfer in the country, equivalent to the value of the Contribution for Intervention in the Economic Domain (Cide) charged on the 13-kilogram cylinder. The congressman did not present an estimate of the impact of the proposal.
Bus entrepreneur, Senator Acir Gurgacz (PDT-RO) presented an amendment to exempt ICMS from charging people, on the grounds that this service already pays Tax on Services (ISS) and that “people are not goods” . All amendments will be evaluated by the rapporteur and may be accepted in plenary.
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