New law may bring losses to refrigerators

A hidden amendment in the last article of the proposal amending the rules of tax collection subsidiaries of Brazilian companies abroad may cause damage to the major national refrigerators millionaires.
The modification ends with the right of exporters of beef and accumulate a credit equivalent to 50% of what they should pay to PIS and Cofins every time they buy bois alive in the country.
The credit can be used by businesses to cull what should these two tributes in other operations. If the entire value is not used, the refrigerators can ask for compensation in cash.
The mechanism provided for in an act of 2009, was created as a way to increase the competitiveness of exporting companies in the international market for beef, as it reduces the tax burden of companies and reduces the cost of acquisition of raw materials – in this case, the live animal.
The system became an important incentive to refrigerators and salt account for the Government.
DOLLAR ACCOUNT
The stock of credit of PIS and Cofins claimed by the three largest exporters of beef in the country-JBS, Marfrig and Minerva-reached r $ 3 billion in September last year, according to the latest data available.
The proposal, companies wouldn't spend the credits in stock, but would fail to accumulate them.
These refrigerators are the most harmed by the end of the benefit, if the change is approved. Together, they account for about 80% of Brazilian sales of meat abroad.