Lower house alters proposal for new class of infrastructure bonds
A bill introduced in the Chamber of Deputies for creation of a new class of tax-exempt bonds, which benefits the issuer, began having negotiated adjustments even before starting to make its way in the house. Most of the changes in bill 2,646/20 is demanded by government economic officials. Yet the negotiation is conducted by the team of Luiz Eduardo Ramos, head of the Secretariat of Government.
The author of the bill, João Maia (Liberal Party, PL, of Rio Grande do Norte), and the deputy considered to report on it, Arnaldo Jardim (Citizenship, of São Paulo), want to reach a consensus with government officials to take the bill directly to floor vote.
The legislators say the strategy was arranged with Speaker Rodrigo Maia (Democrats, DEM, of Rio de Janeiro). He created the special committee that handled last year the new legal framework of concessions and public-private partnerships, which identified the need of diversifying tax-exempt bonds to increase private-sector funding to the infrastructure sector.
With the bill, the benefit to issuers is via deduction of an amount equivalent to 30% of the bonds' interest for calculation of the real profit for income tax returns and of the calculation base of the Social Contribution on Net Profit (CSLL).
The bill extends this deduction in even greater proportion to issuers of green bonds, used to finance projects with sustainability certificate. In this case, the deductions would reach 50% of the interest. Infrastructure bonds currently offer income tax exemption for individuals and reduction to 15% tax for businesses investing. The bill proposes the use of the current table for income tax, which reduces the rate to 15% after 720 days of investment.
With the tax incentive focused on the issuer, the owner of concessionaire responsible for the infrastructure project would have leeway to offer more attractive securities to the market. Mutual funds, for example, would pay an income tax on returns equivalent to that of the current infrastructure bonds, but could be attracted by a higher return.
At the request of economic officials, the deputies proposed at last Wednesday's meeting a cut in the proposal of benefit for green bonds. The percentage used to calculate tax deductions would fall to something between 35% and 45% of the interest, from the 50% previously set.
In exchange, the deputies want to facilitate the clearance of green bonds, demanding only the certification of sustainable...
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