Jose Marcio Kamargo: IOF is high to close the Capital account
According to a positive surprise with the volume of freezing by the government on Thursday (22) WWBy verifying the height of Financial Operations Tax (IOF).
According to Chief Economist Jose Marcoo Kamargo, Chief Economist in Geneal Investmentos, “This tax means the first step towards closing the capital account again in Brazil.”
The government has announced changes in the IOF on the claim of coordinating the relationship between economic and monetary policy, for example, using pension plans, closing financial dropout violations, authenticating rates and eliminating irregularities and distortions, producing more tax neutrality and cooperation to reduce currency instability.
Such is, Increased the financial team::
- R $ 50,000 on IOF survival coverage life insurance schemes for 5% on monthly works;
- Tax on credit cooperation with over 100 million operations per year, which is usually taxed as companies;
- Credit to the legal organization;
- Credit for Simples National Companies;
- 3.5% IOF to buy funds for Brazilian taxpayers abroad and buy currency;
- 3.5% for IOF on transfers abroad;
- 3.5% for IOF on exceptional resources production activities.
The height of the IOF is this third word Lula’s long tax. The kamargo view is Fast in showing this measurement “very large lick”.
Maros Mendis, an associate researcher at Inspare, emphasizes another problem about the measurement that the use of a regulatory tribute to the intention of collecting, along with “capital control”.
In a document called “tax equilibrium”, the government looms the measurement, the hope of the Hopend, the R $ 20.5 billion collection in 2025 and the R $ 41 billion in 2026.
“It is judicialized, and then it does not solve great things because it is in danger of not realizing it,” Mendis said.
Public loan trajectory
Kamarmo and Mendis highlighted as a positive point for the announcement this Thursday Appreciation of government estimates with market calculations.
However, the inspector’s researcher reinforces this “reality is not yet complete, painting is worrying.” At the points that attract attention, the underestimate of the continuous purpose (BPC) and the cost-opening program operating outside the budget.
The initial result may eventually be a deficit of $ 125 billion, which is equal to 1% of gross domestic product (GDP). Mendis believes that 2% GDP tax surplus is needed to stabilize the Brazil’s trajectory to stabilize the Brazil’s trajectory, that is, it has to recover the three -point point space.
“We will follow a process of repeating over time: it makes inconsistent procedures, enters into a shameless crisis, accepts certain versions, comes out of a serious crisis, but cannot establish financial stability. Today, we will lose the opportunity to resolve the tax rules (…), which is not supported.”
“The situation is becoming very dangerous in terms of debt trajectory,” he concluded.
Karamgo believes that the debt should not be stopped and the viewpoint of the medium period is not positive.
“There will be a complex problem. (…) We are very close to the imbalance (with exchange, interest and inflation growth) and the government is emphasizing the trajectory of growing costs,” he said.
