The increase in IOF (Tax on Financial Transactions) announced by the Federal Government promises to impact several segments of the economy, since the tax is applied to operations such as loans, financing, foreign exchange, insurance and investments.
In the solar energy sector, the tax mainly affects credit lines used by consumers and companies to finance the installation of photovoltaic systems, in addition to impacting equipment import operations.
With the new rate, industry professionals warn that financing will become more expensive — which could discourage investment and make access to credit more difficult, especially for integrators, residential consumers and medium-sized companies.
José Vitor Salm, director of Bold Energy, explains that the decision taken worsens a scenario that was already challenging, with the basic interest rate (Selic) still at a high level in recent months. “The heart of the distributed generation system is access to credit, which was already difficult. Now, with the increase in IOF, the financial cost increases both for individuals and, mainly, for legal entities”, he explained.
According to him, the impact should be felt on several fronts: from the systems financing and imports to working capital operations for companies in the sector. “It is difficult to determine the exact size of the impact, but it will certainly generate increased costs for everyone — and this will inevitably be ed on to the consumer,” said the executive.
Salm also questioned the motivation behind the measure. “It seems to me to be more of a political decision, at a time when the government could be focused on cutting spending. Instead, it opts to tax more, affecting businesspeople and consumers,” he said.
Government justification
The new rates were announced last Thursday (22) by Federal government, with the justification that the measure would help the country collect R$20,5 billion more this year and R$41 billion in 2026. The package included an increase in the tax on the purchase of foreign currency in cash — from 1,1% to 3,5% — and the application of a 5% IOF rate on VGBL plans, a type of life insurance with a survival coverage clause.
Part of the package also provides for the taxation of resources sent for investments abroad. The measure, however, was canceled on the same day. The fear in the Planalto Palace was that the decision would be interpreted as an attempt to control the outflow of resources from Brazil.
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