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In November, the federal government plans to shake up the financial routine of Brazilians with two weighty proposals: the end of the anniversary withdrawal of the FGTS and drastic changes in the IPVA. If on the one hand access to the FGTS will be restructured to increase consigned credit, the tax on vehicles is expected to get more expensive, directly affecting the taxpayer’s pocket.
The proposal to end the anniversary withdrawal, a model that allowed workers to withdraw part of the FGTS balance annually in their birthday month, is on the table. President Luiz Inácio Lula da Silva and the Minister of Labor and Employment, Luiz Marinho, approved the plan, which now goes to the National Congress. The government plans to replace the anniversary withdrawal with a new model of consigned credit, with direct payroll deduction and greater flexibility for private sector workers.
According to Marinho, the idea is to strengthen the FGTS as a reserve in cases of unemployment, while expanding access to credit for the population. In a new development for the category, domestic workers will be able to take out consigned credit, something that is currently impossible. To facilitate this, a platform will be launched, bringing together all the banks that offer consigned loans and connecting them to the workers. Currently, companies need to make individual agreements with banks, which complicates the scenario for small and medium-sized businesses.
In addition, the new model will allow workers to use their FGTS balance as collateral in case of dismissal. This is expected to make the financing process more accessible, promoting healthy competition among financial institutions, which promise to offer reduced rates to attract new beneficiaries.
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And the IPVA? Reform Brings Important Changes
The tax reform promises to affect the pockets of drivers and also of boat and aircraft owners. Currently, the IPVA only applies to land vehicles, with fixed rates ranging from 2% to 4% depending on the state. The new proposal foresees progressive rates, where the value of the vehicle will determine the percentage of the tax to be paid. More expensive cars will have higher rates, while more affordable models may see a reduction.
Thus, the reform proposes that more polluting vehicles pay a higher IPVA rate, encouraging the use of models with less environmental impact. This measure considers rates adjusted to the environmental impact of each vehicle, meaning that owners of large vehicles, such as SUVs and pickup trucks, may be surprised when it comes time to pay the tax.
Another new proposal being considered by the Senate is the possibility of differentiated rates depending on the type of vehicle use. The proposal suggests that cargo or service vehicles pay more than passenger vehicles, but this issue still requires final approval.
The IPVA reform also includes taxation for boats and aircraft, which were previously exempt. It is expected that these vehicles will start being taxed, although there are still discussions about how this application will be regulated.
How Does the Current IPVA Calculation Work?
Currently, the IPVA varies according to the value of the vehicle and the rate defined by each state. For example, let’s take a vehicle worth R$ 100,000 in the state of Minas Gerais, where the rate is 4%. Applying the percentage, the amount of tax would be R$ 4,000.
With the reform, this formula may change substantially, making the tax calculated not just on the value of the vehicle but also considering its price range, environmental impact, and type of use.
Expectations and Next Steps for the Anniversary Withdrawal and IPVA
With these proposals in progress, an intense debate is expected in the National Congress. The reform of the anniversary withdrawal and the new IPVA rules represent a significant change in the country’s financial landscape, aiming to modernize credit and tax policies. However, for Brazilians, the impact on the budget will be inevitable.
The final decision on the anniversary withdrawal and the changes to the IPVA is expected to occur in the coming weeks, with expectations for approval still in 2023. The recommendation is for taxpayers to follow the movements in Congress and to already include these changes in their planning for the next year, as it seems that the new rules are here to stay.
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