The Tax on Transmission Cause Mortis and Donation (ITCMD) may undergo changes in the State of São Paulo, so that the Legislative Assembly of São Paulo (Alesp) has already approved a bill that intends to reduce the value of the tax on donations from 4% to 0.5% and the tax on inheritances from 4% to 1%.
The author of the project, deputy Frederico D’Ávila (PL), justified the measure by claiming that “several studies point out that lower taxes attract more investors, increase revenue, accelerate productivity, exports and increase the consumption". It is important to clarify that the tax is regulated by each state, and São Paulo is one of the states that charge the least. If the new charge is approved, São Paulo residents will have the lowest ITCMD in the entire country.
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However, the text, despite being approved in an extraordinary session held by Alesp last Thursday, the 22nd, still needs to be sanctioned by the current governor of São Paulo, Rodrigo Garcia (PSDB), or by the elected governor, Tarcísio de Freitas (Republicans), who takes office on January 1 from 2023.
A Secretary of Finance and Planning of São Paulo carried out calculations regarding the implementation of the new measure, and this would imply a reduction of R$ 4 billion per year for the State. Still, the proposal is not consistent with what has been said in the world, regarding the fight against inequality.
Some bodies, such as the Organization for Economic Co-operation and Development (OECD), for example, advocates for this rate on inheritance and gift taxes to be raised, rather than diminished.
Now, after being approved by Alesp, the project can be partially or totally vetoed by the state governor within 15 working days. If it does not manifest itself, it is considered sanctioned. In this way, the current governor has until the end of this year to express himself, leaving the decision to Tarcísio de Freitas if he does not.
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