Compare the profitability of savings with other applications
This article was translated by an automatic translation system, and was therefore not reviewed by people.
The rules of savings, the "caddy" where the Brazilians have more than $ 218 billion, should change, according to President Lula announced. The changes, which can reach a return on investment, are being discussed by the government several months ago and have left many Brazilians worried about their economies.
In the opinion of the experts consulted by G1, however, there is reason for concern: "The situation today is very different from the past. Today sparing is likely to be chigoe, "says Miguel de Oliveira, president of the National Association of Executives in Finance (Anefac), remembering the not too distant past in which the savings - considered the safest investment there is - reached to be confiscated.
The likely changes in savings are the result of the decrease of the base interest rate, the Selic, currently at 11.25% per annum. How many investments are tied to that rate, you can reduce the profitability of savings, which is 6% per annum reference rate more, become more attractive and cause a mass migration of resources.
"With the drop in interest rates, the profitability of fixed income, if you consider the rate that banks charge administration, is very close to saving, which has no such fee. And when a drop of more Selic, possibly the savings will equal or higher profitability, "he says Miguel Daoud, adviser of the Global Financial Advisor.
Issues
For the government, this "excess of attractiveness" creates problems: created for the small investor, savings income is exempt from its collection of Income Tax. Moreover, a loss of fixed income affect the roll of government debt, since these funds buy debt securities.
At the other end, making the savings will little too attractive complications: its resources are a major source of financing of housing.
The balance of the total investment, 65% must be allocated to home loans - resources that financed, only last year, the purchase of over 300 thousand buildings, according to the Brazilian Association of Corporate Real Estate and Savings Credit (Abecip).
"In fact the government has to make steps to maintain the attractiveness of savings and funds. Because saving is a major donor of funds for housing. And if penalizing other funds, will have difficulty in funding, "says Miguel de Oliveira.
Measures
Although it has grown with the decline of the Selic, the concern with the subject is not new.
In 2007, when the interest rate was also at 11.25%, a reduction was applied to the calculation of the TR, to prevent the migration of investors.
In early 2008, a new amendment was made to the TR did not change negative, considering its value as zero when this occurs.
This week the Central Bank President Henrique Meirelles, said that studies involving changes in the investment include the possibility of linking your income to change in the Selic.
Another alternative would be launch titles, public pay tied to income from savings, increasing the attractiveness of the funds.
Besides these, were also suggested further changes in the calculation of RT, which would reduce the return of books, and the incidence of income tax on the applications that exceed a certain level.
"Whatever the change, the government has signaled that it will preserve the small (investor). Will preserve all deposits, all the accumulated profit, will not move in that is there. But all the applications that you do going forward will not yield equal ", believes Oliveira.
Nothing, however, has been set yet. "The delay is a function that the government is not sure that interest rates will continue falling in the pace that the market expects. I think they are waiting for a better definition of the interest rate, "says Daoud.
Source: G1
This article was translated by an automatic translation system, and was therefore not reviewed by people.
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