Braga disputes the CBS rate of 11.3% and demands explanations about the calculation
The rapporteur of the project that defines the CBS reference rate says that the index differs from Revenue and TCU estimates
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM TIMES BRASIL · 2 MIN
The rapporteur of the Resolution Project that defines the CBS reference rate, Eduardo Braga (MDB-AM), started to contest the 11.3468% index and demands explanations about the way it was calculated, according to Times Brasil. The Money Times treats the same number as 11.3%, with different rounding.
According to Times Brasil, Braga states that the index differs from estimates by the Federal Revenue Service and analyzes commissioned by the TCU. Money Times reports the same criticism in another way: for Braga, the percentage of 11.3% was not predicted in the Revenue and TCU studies. Also according to Times Brasil, the number surprised parliamentarians by surpassing previous forecasts.
Braga told Money Times that he was put on the rapporteur by Renan Calheiros and that he no longer agrees with the rate. According to the same vehicle, concern about this index has existed since the approval of the tax reform, which shows that the debate did not start now.
As a path forward, Braga defends that those responsible for technical surveys be heard about the calculation criteria, according to Times Brasil. In practice, the request is that whoever produced the numbers explains how they arrived at them.
Reports also differ about the location of the speech. Times Brasil says that it took place in a session of the Senate's CCJ. The Money Times describes the same speech as a CAE session, but cites the CCJ in the same excerpt. The available sources do not resolve this divergence.
What changes for the investor
For those who follow the stock market, interest rates and the dollar, the central point is predictability. A reference rate still under question leaves the basis for calculating the new tax open, and uncertainty about fiscal rules tends to weigh on risk appetite. If the index review progresses, the effect tends to appear in revenue projections and in companies most exposed to consumption taxes. If the number is maintained without a convincing explanation, the doubt may persist. None of this is a price prediction, and the outcome depends on decisions that have not yet been made.
Automatically translated from Portuguese.
