Fiscal framework raises positive reaction from businessmen – 03/30/2023 – Panel SA

The new fiscal rule proposed by the Lula government this Thursday (30) raised positive reactions from the business community.

The framework came “better than expected”, in the view of Ricardo Lacerda, founder of BR Partners.

“The goals established by the government of zero deficit in 2024 and surplus in 2025 are very correct and surprised positively. Now it is important to show credibility in meeting them”, says the banker.

Luiz Fernando Figueiredo, chairman of the board at Jive Investments, says that the market has already been responding well to the information that has leaked out in recent days and that the assessment is more on the positive side.

“This change is bringing rationality to the issue of public debt and fiscal sustainability. It is a rule that takes a few years, but it takes us to this situation of sustainability from 2026. It is based more on the revenue side than on the expenditure side. Ideally, the opposite would be the case, but it also limits the expense, which is reasonable. And it has the tidying mechanism, if the result differs from the target, which seems reasonable. We need to see more details about it. But compared to the result expectations fiscal year for this year and the next, is better in terms of expectations”, says Figueiredo.

Luiz Carlos Trabuco, chairman of Bradesco’s board of directors, praised it. He said that the proposal is robust and its concept combines restriction of expenses and generation of surpluses, which improves the prospect of less fiscal pressure in the future, making room for a drop in interest rates.

João Camargo, from the group of entrepreneurs Esfera Brasil, says he made contact with colleagues from the private sector throughout the day and heard positive feedback.

“Minister Fernando Haddad is doing an exceptional job. Everyone I talked to in the market liked it and is in line. It was great to say that the tax increase is not on the horizon. This made everyone happier. present to the leaders of the Senate and the House, that’s really how politics is done”, says Camargo.

Flávio Rocha, owner of Riachuelo, says that the restriction that limits the growth of federal expenses to 70% of the increase in net primary revenue seemed to him to be “quite reasonable”, but he makes a reservation.

“The risk is tax voracity. In order to increase expenses, there has to be an increase in revenue and, sometimes, due to statements by some areas of the government, we are worried about the appetite to spend. But I think we still have a good balance and a Congress that will not easily grant a very strong increase in the tax burden. On the other hand, an expansion of this burden is almost an arithmetic impossibility, because we are, in all tax bases, beyond the inflection point”, says Rocha .

Nabil Sahyoun, president of Alshop (association of shopping mall tenants) says that it is still too early to evaluate, but the expectation is for growth. “The economy is doing well, I think the markets calm down and everything settles down. We have to hope that the government gets involved in job creation, seek to relieve the payroll, which is a request from the entire business sector to relieve a little bit,” says Sahyoun.

Joana Wedge with Paulo Ricardo Martins It is Diego Felix

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