The Federal Senate approved, this Thursday (12), the Provisional Measure that extends for another year the deadlines of special regimes of drawbackused by exporting companies, running until 2023. The benefit covers exemptions, reduction of tax rates to zero or suspension of taxes.
The text goes on for sanction or veto by the President of the Republic.
THE drawback allows the suspension of taxes on the acquisition, in Brazil or abroad, of raw materials used in the industrialization of products to be exported.
For the Executive, the measure makes Brazilian companies more competitive, as they can buy components of equivalent quality to those of their competitors abroad.
The proposal also facilitates international trade, as it revokes a provision of Law 12,546/11 to allow the release of the import license of products before the conclusion of the investigation process of the informed origin.
The rapporteur of the matter in the Senate, Plinio Valério (PSDB/AM), stated, during the vote, that in 2019, approximately US$ 49 billion in foreign sales were made using the drawbackwhich represented 21.8% of total national exports that year.
It was included in the text, still by the deputies and approved in the Senate, the rates used to remunerate resources of the Fund for Support to Workers (FAT), applied by the National Bank for Economic and Social Development (BNDES), in projects of production or commercialization of goods and services.
Law 9,365, of 1996, provides that 20% of FAT resources can be applied for this purpose and ties all financing to the dollar or the euro.
The conversion bill allows the use of other currencies, defined by the National Monetary Council (CMN).
Under the current rule, dollar contracts can be adjusted by the interest rate for loans and financing on the London interbank market (Libor) or by the interest rate on US Treasury bonds.
In euro contracts, the interest rate offered for interbank lending in euro (Euribor) or the rate representing the average yield on government bonds from countries in the euro economic zone is used.
The conversion bill provides for new possibilities: if the contract is in US dollars, the Secured Overnight Financing Rate (SOFR) or other reference rate that may be defined by the CMN can be used; if in euro, the Euro Short-Term Rate (ESTR) or another reference rate defined by the CMN; and that defined by the CMN when the contract is in other convertible currencies.
*With information from the Senate Agency
Source: CNN Brasil
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