For economists, “CPMF ghost” contributed to the negative repercussion of tariff in Pix of legal entities, by Caixa
Caixa expected to raise around BRL 300 million by charging legal entities for Pix – a practice that other banks already adopt – but decided to temporarily suspend the measure after criticism. Alexandre Gaino, professor of economics at the Escola Superior de Propaganda e Marketing (ESPM), points out that Brazil has a high tax burden and that, not by chance, this issue messes with the minds of citizens.
“Every time someone talks about the government, they already put their hand in their pocket, trying to hold their wallet. This is in our imagination, as well as the issue of inflation. These are elements of the economy that Brazilians have a very clear conception of. And then you talks about a fee issue, etc., that’s it, everyone is already desperate thinking it’s just another extra charge on the population”.
He recalls the CPMF, the Provisional Contribution on Financial Transactions. Created in 1997 during the government of Fernando Henrique Cardoso, the CPMF would initially last two years, but provisionally it only had the name. The tribute was extended several times and lasted 10 years, ending in 2007. During this period, R$ 223 billion came out of Brazilian pockets into public coffers.
Rubens Moura, professor of economics at Mackenzie University, says that the ghost of the CPMF never ceases to haunt Brazilians because, in addition to having lasted longer than expected, the tribute is back in the news from time to time. This was the case during the mandate of Dilma Rousseff, who even sent a PEC to the National Congress to recreate the tax, and in the government of Jair Bolsonaro, in which the former Minister of Economy Paulo Guedes was enthusiastic about the return of the tribute as a way of offset the payroll exemption for all sectors of the economy.
For experts, Caixa’s popularity among Brazilians, added to the arid context experienced by the productive sector, contributed to the rejection of Pix’s tariff for legal entities.
“The cost of capital is high. The company depends on credit, and credit is expensive due to the high interest rate. “, analyzes Moura.
Rate x Tribute
Lawyer specializing in banking law, Marcelo Godke says there is a difference between tariff and tax. The tariff is an amount that the bank charges the customer to carry out a financial transaction, as with the main alternatives to Pix: TED and DOC.
Even in the case of Pix, Caixa’s main competitors charge fees for operations with legal entities. In general, each financial institution has its own billing criteria. According to experts, the Central Bank does not authorize banks to charge Pix rates from physical persons, nor individual microentrepreneurs (MEIs).
The tax is charged by the government, usually with the application of a percentage on citizens’ financial transactions, as was the CPMF. According to Godke, Pix’s taxation would have no economic basis. “Making money go from one account to another shouldn’t be a type of activity to be taxed. It’s the same thing for me to say: ‘look, I’m going to pay a tax for breathing’.”
Godke explains that the creation of a Pix tax needs to go through the National Congress and that today there is no favorable climate for this. “If in Brazil even the past is uncertain, imagine the possibility of creating a new tax to cover the shortfall in federal government spending. I would never rule out that possibility. Maybe today is a little more remote, but tomorrow is another day. It is. that story: we know that in order to create a tribute, it is enough to propose it and exert political pressure to approve it”.
Economists claim that the government’s search for new sources of revenue to expand spending could tip the balance. “There is a gigantic collection rage from this government. The government has already informed the four winds that it will increase spending and is increasing. So it will have to increase taxation somewhere to be able to supply the lack of money in the cash”, says Godke.
Rubens Moura agrees. “You have a government in which, in its view, the country’s growth and development is generated due to increased spending, which is not interested in improving the management of public spending, what does it need? A more source of revenue. unfortunately, it is a bad sign”, he evaluates.
banking
Economists remember that Pix fell in love with Brazilians. In May, the tool set a new record for quantity and volume of transactions, according to the Central Bank.
“The Pix was a success. It is in people’s lives, in their daily lives, they understand what it is, how useful it is, how easy it is to transfer, to pay, to receive,” says Alexandre Gaino.
Rubens Moura claims that Pix is a type of financial transaction that has brought a series of benefits to the economy, such as access to the banking system.
“If you were a small business owner, self-employed or street vendor, what would you receive? Money. It’s over. Or you could have a little machine, which was more complicated. The advantage of Pix is that the person can pay without having money (in cash) and you can receive without having a machine. But what do you need? You need to have a bank account. Pix made many people open bank accounts. This demand exploded due to Pix “.
Godke explains that before the Pix, around 40% of the population was outside the banking system, especially people with lower incomes. Therefore, he claims that any charge for using the tool can have negative impacts.
“There is a chance that the banking of the population that had been accelerating very quickly will suffer a misfortune or people, especially the most needy population, end up abandoning the use of Pix or reducing it substantially”, he points out.
By Brasil 61
