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SÃO PAULO – Important issue of the election campaign, the taxation of dividends and interest of own funds returned to the radar of investors after the Minister of Economy, Paulo Guedes, had claimed that he was studying the form proposal to offset a tax break for business.
The government's intention is to reduce the tax burden currently borne by Brazilian companies from 34% to 15%, but it is necessary to provide compensation, such as the taxation of dividends. In an interview with Estadão, Guedes said the change was aimed at attracting foreign investors and the perfect time to talk about it was at the World Economic Forum in Davos.
If this project is implemented, a lot of examine part of their shareholder compensation strategies and could suffer a lot. Indeed, many investors are looking for badets that are not necessarily the cause of a return on the price of paper, but rather the dividends paid by these companies.
Companies considered "good payers" tend to work in sectors where demand is more stable. often treated as "defensive" actions. In some cases, companies are little affected by economic changes or the political landscape and thus allow the investor to position themselves with a lower risk of volatility.
In this group, some of the companies that pay higher remuneration are CCR (CCRO3), Ecorodovias (ECOR3), Telefonica (VIVT4), Ambev (ABEV3), BB Seguridade (BBSE3), Ultrapar (UGPA3) and Cielo ( CIEL3).
The financial sector is another strong point. (Itaú Unibanco (ITUB4) and Bradesco (BBDC4) remunerate the shareholders monthly, as well as Banco do Brasil (BBAS3) and Santander (SANB11), who would also be affected by the measure.
The utilities sector is also reputed to be a good payer of profits, including energy and energy companies. sanitation.They are in the list: Eletropaulo (ELPL3), AES Tietê (TIET11), Light (LIGT3), Cemig (CMIG4), Cesp (CESP6), Energias do Brasil (ENBR3), CPFL (CPFE3), Paulista Transmission (TRPL4), Eletrobras ELET3), Engie (EGIE3), Copasa (CSMG3), Sanepar (SAPR11) and Sabesp (SBSP3).
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There are other companies that generally pay well to shareholders, but do not belong to any of the groups mentioned above. The Morgan Stanley survey last September also included Multiplus (MPLU3), JBS (JBSS3), Cia Hering (HGTX3), Randon (RAPT4), São Martinho (SMTO3) and Duratex (DTEX3) dividends in 2019.
Most Affected
According to Morgan Stanley's calculations of September 2018, a dividend rate of 20% would generate $ 5.8 billion in the first year for the government.
However, to badess the companies most affected by taxation, the institution states that it is common to think that it is the companies that pay the most dividends. But the fact is, in practice, the opposite can happen and those who pay less can suffer more.
Indeed, although it is not a law, the vast majority of companies set a minimum dividend percentage of 25%. net income. Thus, the reasoning is that, who pays more than this minimum, has room for maneuver, while it is the companies that pay only 25% who will not have what to do to try to dribble the tax.
A possible decision to impose dividends by the government would encourage businesses to react and minimize the tax burden on their shareholders, "said Morgan badysts, citing as an strategy an increase in the share buyback programs. In this strategy, companies that now pay 50% of their dividend income would reduce this percentage to a mandatory minimum of 25% and use the rest of the profit to buy back shares. actions
It is too early to calculate on a case-by-case basis the government has not yet explained its tax proposal and each company will have its own strategy to circumvent the changes.But the investor will have to keep to the Mind that if the proposal is retained, it will be necessary to re-evaluate the portfolio of those seeking this type of compensation.
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