Under pressure, the PL that generates mandatory corporate profits is removed from the agenda

Pressure from the industry and commerce sectors led to the withdrawal of the urgent request for the complementary bill 34/2020 at the request of its author, Deputy Wellington Roberto (PL-PB). The text establishes the obligatory loan to cover the urgent expenses caused by the situation of public calamity related to the coronavirus.

If PLP-34 is approved by the Chamber of Deputies, legal entities with a net worth of R $ 1 billion or more on the date of publication of the law will be subject to the mandatory loan, according to its latest financial statement. In addition, the federal government may charge these companies an amount equivalent to up to 10% of the net profit obtained in the 12 months prior to the publication of the law.

PLP-34 has been subject to strong resistance since its introduction. The Brazilian Association of Listed Companies (Abrasca) affirms that the project only exacerbates the problem caused by the pandemic: it reduces the liquidity available for companies to face the dizzying drop in their income and the precariousness of their financial situation.

The entity represents more than 250 companies, representing approximately 85% of the total shares traded on the Brazilian stock exchange, 14.2% of the total collected in federal taxes and 9 million formal jobs. According to Abrasca, the PLP-34 has “disastrous potential” and is a real “disincentive for the resumption of private investment after the crisis.” The association argues that past earnings are not directly related to current earnings and are already committed by decision of the shareholders’ meeting.

“The cash impact can generate even more pressure for loans, in a scenario of lack of available resources to finance the private entity. The requirement to make payments for results of this nature is an additional challenge that is very difficult to handle, “he says in a letter sent to deputy Leonardo Barbosa, still signed by Alfried Plöger, who died on the 12th, at the age of 80, due to the new coronavirus. .

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Last week, the national confederations of commerce (CNC), financial institutions (CNF), insurance companies (CNSeg), transport (CNT), health (CNSaúde), communication (CNCom) and cooperatives (CNCoop) sent a letter against the complementary bill to the mayor, Rodrigo Maia. The National Confederation of Industry (CNI) also reacted and classified the PLP-34 as “misunderstanding”.

The Brazilian Association of the Machinery and Equipment Industry (Abimaq) appealed to the deputies not to approve the proposal. In a recent interview with Broadcast Abimaq CEO José Velloso Dias Cardoso said that Brazil and the world are going through a serious crisis in which one of the biggest problems is the lack of liquidity in the market and companies are struggling with working capital and the credit.

“We understand that a measure like this can worsen the situation. Therefore, we ask the deputies not to approve this measure, “said the president of Abimaq.

The Brazilian Association of the Chemical Industry (Abiquim) also asked legislators not to approve the emergency regime for the project. In a letter signed by its president, Ciro Marino, the organization says that while the industry works to support the government and its partners, it also acts to ensure their financial health and allow growth to resume after the end of the restrictions. quarantined

Abiquim recalls that the chemical industry already comes from periods of low growth and low profitability. According to Abiquim, the project will have a great economic impact on companies and may end up having the opposite effect than expected, since many companies will have few resources for working capital and little money for investments.