2024-01-02 20:16:14
© Reuters. Machine in a factory plant in Ribeirão Preto 09/15/2016 REUTERS/Nacho Doce
(Reuters) – The Accelerated Depreciation Bill (PL), which provides incentives for the modernization of the Brazilian industrial park in 2024, could result in an additional investment of 20 billion reais, analysts at Bradesco BBI estimate, according to a report sent to clients this week. Tuesday.
The proposal, sent to Congress by the government of President Luiz Inácio Lula da Silva last Saturday, initially foresees 3.4 billion reais for the program, which seeks to encourage the purchase of new machines, equipment, devices and instruments .
The vice-president and minister of the MDIC, Geraldo Alckmin, said on Sunday that the objective of the initiative is “to seek productivity, to seek competitiveness, to seek efficiency, and, on the other hand, to stimulate investments”.
The Bradesco BBI team said that the project sent has relevant modifications compared to the preliminary program. Initially, he mentioned, the expectation was to fully depreciate capex in one year and not in two years as proposed now.
“According to our estimates, the limit of 3.4 billion reais in tax benefits for the accelerated depreciation program in 2024 could result in 20 billion reais in additional investments”, stated Victor Mizusaki and team.
They add that, even if this program results in a pre-purchase effect, considering information from Fiesp that the industrial sector invested around 120 billion reais in 2021, it would be necessary to increase this to 456 billion reais in 7 to 10 years to reduce the productivity gap with the US.
Accelerated depreciation is a mechanism that works as an anticipation of revenue for companies. Every time it acquires a capital asset, the industry can deduct its value from future IRPJ and CSLL declarations.
Under normal conditions, this reduction is made over a period of up to 25 years, as the asset depreciates. With the accelerated depreciation provided for in the PL, the reduction of machines acquired in 2024 can be done in just two stages – 50% in the first year, 50% in the second.
In the report sent to clients this Tuesday, Bradesco BBI analysts estimate that, assuming that the program will only be active in 2024, Tupy (BVMF:) and Randon (BVMF:) should be the shares most benefited.
Mizusaki and team also assess that WEG (BVMF:) could benefit from increased demand for electric motors.
(By Paula Arend Laier)
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