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Correios’ losses have already exceeded R$2 billion due to the “Blouse Tax”. Understand how the federal government’s mandatory shipping policy impacts the state-owned company, potentially leading to the company’s “insolvency”.
The Brazilian Post Office recorded a staggering loss of over R$2 billion in the first nine months of this year, placing the state-owned company in a challenging scenario. Among the factors that contributed to this negative performance, the controversial “blouse tax”, officially called “shipment in accordance”, stands out. Created by the federal government, this tax was widely criticized for directly impacting e-commerce, especially small stores and consumers who depend on low-value imports. In addition, the measure ended reducing the volume of international orders, affecting one of the company's main sources of revenue.
“Blouse tax” brings estimated drop of R$200 million in imports
According to data from IRS, the compliant shipment, which taxes purchases below US$50, with 20% federal taxes, brought a 40% drop in imports.
The Correios figures show that, between the months of July and September, the state-owned company earned just over R$1 billion from imports, with this number having reached R$1,3 billion in 2023, that is, an estimated drop of R$200 million and which brought losses to Correios.
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Another important piece of data indicates that the Post Office earned R$3,3 billion from imports in the first nine months of 2023, but this number fell to R$3,1 billion in 2024 with the shipment in accordance.
And, as the “blouse tax” only came into effect in August of this year, everything indicates that the drop could be even more significant in 2025. For now, the Post Office has not commented on the matter nor released other relevant data, however the forecast is that the The loss of the Post Office will be even greater when the state-owned company publishes the annual data.
Imports are expected to worsen when governors increase ICMS
As Correios is considered the main carrier of international shipments, the market was already expecting a significant impact on the company's revenues with the shipment, however the volume came in above the projected level.
In this way, something similar to what happened in Remessa Conforme, since the initial forecast was for tax collection in the range of R$ 70 million, however this number was R$ 500 million.
The drop in imports could worsen further when governors readjust the ICMS rate, which is valid for all purchases of 17% to 25%. If it continues at this pace, it should surpass the 2015 deficit of R$2,1 billion, recorded when Dilma Rousseff was head of the Planalto Palace.
Initiatives taken to reduce the losses of the Post Office
Three actions were determined to reduce the deficit in the accounts generated by the “blouse tax”. The Post Office will suspend the hiring of outsourced personnel for 3 days, because, despite having thousands of employees, the state-owned company usually hires extra labor in certain circumstances. This practice has now been suspended.
The Post Office will also cut the price of contracts, negotiating and reducing at least 10% of the values of the agreements that are in force. Finally, it will terminate contracts and extensions can only be made with the savings from renegotiations.
The Post Office expected revenues of R$22,7 billion in 2024. Now, they have revised this figure to R$20,1 billion. Even if the spending cap is fully in place, there will still be a loss of at least R$1,7 billion.
In justifying the measures, Correios stated that it was necessary to avoid the risk of insolvency, that is, there is a risk of the company going bankrupt and needing to be rescued by the Treasury. It is also worth remembering that, this year, the state-owned company also assumed a debt from its employees' retirement plan. The company committed to transferring R$7,6 billion to the postcards, the pension fund for state-owned company employees.
this is brazil
Brazil is a country located in the southeast of South America and is known for its cultural and natural diversity. In geopolitical terms, the country is located close to the border with other South American countries, and its economy is based on a variety of sectors, including agriculture, industry and mining, among others. Brazil has a large and growing economy, a rich cultural heritage and fascinating nature. The country is home to the largest tropical rainforest in the world, for example, the Amazon rainforest, as well as a great diversity of animals and plants that can only be found here. Brazil is also influenced by local and European cultures, due to the historical immigration of Italians, Germans, Portuguese, among others. This is evident in Brazilian cuisine, which combines elements and colors from its countries of origin with ingredients typical of the country.
The blouse tax is responsible for only 10% (R$200 million) of the loss and the other 90% (R$1,8 billion)?