A tributação sobre a receita dos bancos: retrospectiva e perspectivas

Abstract

This research analyzes the taxation levied on the revenues of the Brazilian banking sector from both a retrospective and a prospective perspective. It is grounded on the premise that the banking system plays a structural role in economic development, and that the institutional design of taxation on banking revenues directly influences interest rate formation, with potentially burden effects on credit users in the financial system. The study analyzes the set of tax obligations applicable to banks, highlighting not only the taxes levied on revenues, profits, and payroll, but also the distinctive role of banks as tax withholding agents and entity cooperating with tax authorities in the reporting of third-party income. The dissertation then critically assesses the use of the ability-to-pay principle as a justification for the imposition of a higher effective tax burden on the banking sector. Particular attention is given to the precedents of the Brazilian Supreme Federal Court, which has upheld differentiated tax rates for financial institutions based on a generalized presumption of superior economic capacity within the sector. The analysis questions the coherence of this approach in light of the economic incidence of taxes on financial intermediation and the heterogeneous structure of the banking industry. The study subsequently investigates the systemic effects of a high tax burden on financial intermediation, including distortions to competition, impacts on financial inclusion, and potential interference with the monetary policy transmission mechanism. It also examines the historical evolution of the current revenue taxes on banking sector, the main judicial controversies surrounding their application, and the institutional lessons drawn from this experience. The analysis revisits the original constitutional design adopted in 1988, which allocated the taxation of financial intermediation primarily to the Tax on Financial Transactions (IOF), emphasizing its predominantly extrafiscal character and its alignment with monetary policy objectives. Finally, in light of the Brazilian Consumption Tax Reform introduced by Constitutional Amendment No. 132/2023, the dissertation critically evaluates the extension of value-added taxation to banking activities, in dialogue with international experience.