The Jair Bolsonaro (PL) government could have a loss of R$92.1 billion in 2022, if the Chamber approves the new debt renegotiation program for federal debtors with changes that favor large debtor companies.
The vote on the text would take place this Thursday night (16), but the establishment of benefits greater than those granted to small businesses led congressmen from the center and from the opposition to obstruct the session.
As a result, the appraisal of Refis was postponed. A new vote should only take place at the beginning of the legislature in 2022.
According to official calculations, obtained by the leaf, the Chamber’s version would lead the government to collect R$ 35.7 billion with the adhesions. But the waiver with discounts and the use of credits to reduce the debt amount is much higher, at R$ 127.8 billion.
The impact is significant because the changes made by the rapporteur, Deputy André Fufuca (PP-MA), benefit large debtor companies, with generous discounts on fines and interest, even though they made a profit during the Covid-19 pandemic.
In the previous version, approved by the Senate, the program granted the greatest benefits to companies that faced difficulties in the crisis.
On Wednesday (15), the rapporteur filed the text with changes such as reducing the amount of down payment and expanding the possibilities of using credits to reduce the balance of debts.
On Thursday’s night (16), a new opinion ended the graduality of discounts, which sought to favor more taxpayers who had the most significant drops in revenue during the crisis. The rapporteur’s intention to grant linear discounts was anticipated by leaf.
The program is classified by experts in the economic area as “much worse” than what had been approved by the Senate.
The government estimates that BRL 554.1 billion in debt will be negotiated in the program, of which BRL 362 billion will disappear.
The main explanation is the article that gives even more favorable trading conditions. The provision allows full settlement of the debt with tax loss credits or negative CSLL (Social Contribution on Net Income) calculation base, after discounts of 90% in interest and fines and 100% in charges.
Ultimately, companies in good financial condition, but with tax losses accumulated on their balance sheets, could use them to pay off debts without paying a single cent.
Before the official release of the opinion, Fufuca had denied that he would allow the indiscriminate use of credits to reduce debts.
“There is a limit for the tax loss, both in the transaction [tributária, outra modalidade de negociação] as in Refills. Some limits will be changed, but it will not be 100%, otherwise the Union will not collect anything”, said the rapporteur.
In the Ministry of Economy, however, the interpretation is that this second modality opens a loophole for all debt to be paid off with the use of credits, without the need for payment in cash.
The possibility of using credit from third parties, that is, from other companies (including inactive ones), further increases the chance of large debtors to regularize their situation without disbursing anything, according to the assessment of government technicians. The measure also makes inspection by the Federal Revenue difficult.
The economic area sees the text as a fiscal bomb and classifies the design prepared by the Chamber as the most aggressive Refis ever.
According to economic calculations, the net loss —resulting from the difference between collection and total losses— would be R$31.9 billion in 2023 and R$36 billion in 2024.
In recent days, Fufuca contested the damage pointed out by technicians in the economic area. “How can you claim that these companies will be able to pay if not through Refis, the conditions we are creating? If they cannot pay, therefore there will be no collection, the federal government will not receive this resource. So what are you missing?”, said the deputy before the vote.
Under the LRF (Fiscal Responsibility Law), however, the granting of discounts or the use of tax loss credits to offset the outstanding balance are considered revenue waivers.
The final version of the opinion, presented in plenary, gives all taxpayers the same treatment in terms of benefits and installment conditions, regardless of their financial situation.
They would receive a 70% discount on interest and penalties and a 100% discount on legal fees and charges. The text also allows you to write off up to 50% of the debt using tax loss credits or negative CSLL calculation basis.
The economic team is against this format, as it favors persistent debtors, who would have access to the same conditions given to taxpayers most affected by the crisis. The rapporteur, in turn, defends “democratizing access to Refis”.
If the Chamber approves the text and the Senate confirms the changes, the Palácio do Planalto may veto the points that violate financial adequacy rules.
The Ministry of Economy’s calculations were made with the initial version of the opinion, which provided for the possibility of renegotiating debts with the Union by paying a down payment of 2.5% to 10% of the amount owed.
The value would be below the one approved by the Senate, which ranged from 2.5% to 25%, depending on the degree of damage suffered during the pandemic.
The debts would have discounts of 65% to 90% in interest and penalties and 75% to 100% in charges, depending on the degree of loss of the company during the crisis.
The text would also allow the settlement of the remaining balance using tax credits obtained when there is a tax loss or negative CSLL calculation base, with a limit between 25% and 50% of the debt.
With the last-minute changes promoted by Fufuca, technicians from the economic area admit that the gap in the accounts could be even greater than estimated.
Even at the height of the crisis, many companies paid taxes without discounts, on time or with extended deadlines thanks to deferrals granted by the government in 2020 and 2021.
For this reason, the text negotiated with the senators even allowed taxpayers without a drop in revenue to join Refis, but through the disbursement of a higher down payment and with access to less generous discounts.
According to the Chamber’s version, large taxpayers would have access to unprecedented conditions in a debt renegotiation program with the Union.
The benefits would be even greater than those approved for individual micro-entrepreneurs (MEIs) and micro and small businesses, a point that was the target of complaints from parliamentarians before the postponement of the vote.
Earlier, the deputies had approved the Relp (Long Term Renegotiation Program), aimed at refinancing the debts of smaller companies. ​The text was approved by 382 votes in favor and 10 against. Now, it goes to the president’s sanction.
​Adhesion term was until September 30, 2021, and debts can be paid in 15 years. The proposal’s rules establish that the down payment can be paid in eight installments and will be from 1% to 12.5% ​​of the total debt amount.
A wording amendment approved on Thursday set the deadline for adherence to the last working day of the month following the publication of the law.
In this modality, interest and fines will be discounted from 65% to 90% and from 75% to 100% of legal charges.
DEBT RENEGOTIATION PROGRAM WITH THE UNION
AS IT WAS NOT SENATE
- Down payment between 2.5% and 25% of the debt amount, according to the drop in sales between March and December 2020
- Payment of entry in five installments
- Progressive discounts, from 65% to 90% in interest and penalties and from 75% to 100% in charges. The greater the drop in revenue, the greater the rebate
- Limit on the use of tax loss credits, from 25% to 50% of the debt
HOW WAS IT IN THE CAMERA
Option 1
- Down payment would be 10% of the debt amount, in up to ten installments
- Discounts of 70% on interest and fines and 100% on charges, regardless of the taxpayer’s financial situation
Option 2
- Possibility of full debt settlement with tax loss credits
- Discounts of 90% in interest and fines and 100% in charges, regardless of the taxpayer’s financial situation
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