IR drop in savings prevents most of the interest of homeowners
This article was translated by an automatic translation system, and was therefore not reviewed by people.
by Fabricio Castro
Project announced by the government, which still pass through the Congress, taxes only accounts with more than $ 50 billion surplus, but it creates an obstacle for the fall in mortgage rates. Alternative proposal was discarded
The government's decision to levy income tax (IR) of earnings from savings accounts, as of next year, will prevent the Brazilians to pay lower interest rates to finance their own house. Announced two weeks ago by the Ministry of Finance, the project provides for the taxation of savings accounts with balances exceeding $ 50 thousand and maintains the efficiency of the application to 6.17% per annum over the benchmark (TR). In doing so, the government creates a barrier to lower interest rates of housing loans financed with the savings.
For the proposed system - and which is pending congressional approval - the IR will be charged according to the variation of the securities (the basic interest rate of the economy). The lower the Selic, the greater the IR charged.
The move is an attempt to prevent the migration of resources of large investors in fixed income funds for savings. Is that the successive falls of the securities, dropped the gain of fixed income funds - which fund the government.
In justifying the project, the finance minister, Guido Mantega, argued that the system will not harm those who have less than $ 50 thousand in the account, since the cost savings will not change. The problem is that currently, most of the money used to purchase properties comes from savings. In 2008, were U.S. $ 30.1 billion.
By paying the financing, the borrower provides the remuneration of the investor - is like an exchange, where the bank is the intermediary. One option for the government would reduce the fixed portion of 6.17% per annum of income from savings - the variable part is the TR. Thus, it would not charge anyone IR, since farmers would give the book, making it unattractive to large investors - and the rate of home ownership would fall to the same extent.
Government source heard by the Jornal da Tarde argues that the proposal was discussed at the Finance Ministry, but did not go ahead. The reason: the presidential elections of 2010. Afraid of being accused of reducing the gains from savings, the Lula government has preferred to maintain the traditional 6.17%.
Motion disposed
The study presented to the government stipulated that when the Selic rate to arrive at 9% a year (today it is 10.25%), the value of TR would be zero. After that, each 0.5 percentage point fall in the Selic rate, the cost savings would fall 0.225 percentage point. "This collapse would automatically be passed on to mortgages," said government source.
The proposal was dubbed the "ladder" in the Ministry of Finance, in a reference to the downfall of the scaled values. Interest on contracts for the purchase of housing that currently is 10% per annum over the TR, for example, would increase to 9.77% per annum when the Selic rate reached 8.5%. And to 9.55% when the Selic rate was 8% (see chart below).
The direct result is that families could pay less interest and to finance a home for shorter periods.
However, the option chosen by the government, levying tax on profits, even if the Selic interest continue falling home ownership does not change. "Reducing the fixed portion of the savings would be a more reasonable way," confirms Celso Petrucci, chief economist at the Housing Union of Sao Paulo (Secovi-SP). "But politically very complicated."
Petrucci said that, while maintaining the yield of 6.17% savings, the government limits the lower the Selic rate and real estate financing.
Mathematician financial Jose Dutra Oliveira Sobrinho also states that the path taken by the government, the problem is only postponed. Despite the recovery of IR in savings, you must reduce your income in 2011 - or even before, in 2010 - to balance the system. "The final solution will undoubtedly be moving in the fixed part of the savings - and not make patches," says Oliveira Sobrinho.
Source: Jornal da Tarde
This article was translated by an automatic translation system, and was therefore not reviewed by people.
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