{
  "id": 11160418,
  "title": "O problema dos papéis isentos não é a isenção. É quem se beneficia",
  "url": "https://urgent.news/2026/10/01/o-problema-dos-papeis-isentos-nao-e-a-isencao-e-quem-se-beneficia",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-01T09:50:53.000Z",
  "source": {
    "name": "Brazil Journal",
    "slug": "brazil-journal",
    "url": "https://braziljournal.com/o-problema-dos-papeis-isentos-nao-e-a-isencao-e-quem-se-beneficia/"
  },
  "original_language": "pt",
  "account": "The market anticipates that taxable treatment for tax-exempt securities (LCIs, LCAs, infrastructure bonds, etc.) will likely be introduced under the next administration, irrespective of which government takes office. The stock of supported titles has more than doubled since 2022, reaching R$2.3 trillion currently, with an estimated fiscal concession of around R$50 billion annually. While other countries offer fiscal benefits to lower financing costs for specific companies, the characteristics and outcomes of these programs vary significantly. Brazil should not eliminate these supported titles, but rather limit the benefit to companies and projects that generate economic and social impact. The Brazilian government has not measured the effects of these exemptions, with limited academic studies on the subject. Two separate works on infrastructure bonds reached opposing conclusions, with one by BNDES economists stating only a portion of the cost is passed on to taxpayers, and another by Filipe Brand from the Ministry of Infrastructure concluding the benefits are primarily reaped by issuers. Infrastructure bonds account for only 28% of supported titles in Brazil, and those with the most restrictions, such as long-term duration and project-specific pre-announcements, are a significant portion of the market. The remaining market is made up of bank-issued securities. Leto Capital estimates that 76% of the holdings of LCIs, LCAs, and LIGs are held by the five largest banks, and economic theory suggests concentrated market structures tend to hinder benefit transfer to end-consumers. Large companies have benefited the most from infrastructure bonds, creating distortions in sector bidding processes and making them nearly invulnerable in concession competitions. This mirrors the findings of the IMF, which recommended reviewing incentives that primarily benefit large corporations and distort risk pricing, while also noting limited evidence of their impact on productive investment. International examples, such as US municipal bonds and Brazilian Development Finance Companies (BDCs), could serve as models for Brazil to revise its incentive structure. US municipal bonds have tax-exempt interest since 1913 for specific uses, while BDCs received tax exemptions in the US if they distribute at least 90% of profits, with investors still taxed. Similarly, the UK offers income tax relief and capital gains tax exemptions for financing young, small, closed, and genuinely risky companies aiming to grow. The Leto authors advocate for regularly reviewing international incentive programs' impacts and making adjustments as needed.",
  "summary": "O mercado trata como provável que haja alguma tributação dos papéis isentos (LCIs, LCAs, debêntures de infra etc.) no próximo governo – independente de qual for. O estoque de títulos incentivados mais que dobrou desde 2022 e hoje soma R$ 2,3 trilhões – com uma renúncia fiscal estimada em cerca de R$ 50 bilhões por […] The post O problema dos papéis isentos não é a isenção. É quem se beneficia…",
  "key_points": [
    "Taxable treatment for tax-exempt securities expected under next administration",
    "Supported titles' value at R$2.3 trillion, fiscal concession around R$50 billion annually",
    "Beneficiaries primarily large banks and large companies, not end-consumers"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}