Post by account_disabled on Feb 25, 2024 2:16:51 GMT -5
By constitutional and legal determinations, Banco da Amazônia (Basa), Banco do Nordeste do Brasil (BNB) and Banco do Brasil (BB), official federal financial institutions promoting regional development, manage the resources of the so-called Funds Constitutional provisions provided for in article 159, I, “c” of the Constitution. In the aforementioned provision, it is stated that, of the resources collected by the Union through taxes on income and on industrialized products, “3% will be allocated for application in financing programs for the productive sector in the North, Northeast and Central-West regions, through its financial institutions of a regional nature, in accordance with regional development plans, with half of the resources allocated to the region being guaranteed to the semi-arid region of the Northeast, as established by law”.
In the law that governs the functioning of constitutional funds and regulates article 159, I, 'c' of the Political Charter, Law 7,827/89, its article 16 determines that “The Banco da Amazônia SA (Basa), the Banco do Nordeste do Brasil SA (BNB) and B2B Email List Banco do Brasil SA (BB) are the administrators of the Northern Constitutional Financing Fund (FNO), the Northeast Constitutional Financing Fund (FNE) and the Central-West Constitutional Financing Fund (FCO ), respectively” .
These three federal financial institutions controlled by the Union are mixed capital companies that explore economic activity of financial intermediation in which they compete with other private financial institutions. When carrying out these activities, these state-owned companies are not entitled to the reciprocal tax immunity to which local authorities, public foundations governed by public law and state-owned companies (public companies and mixed-capital companies) that provide public services on a non-competitive basis and that do not aim to make a profit as the primary and preponderant purpose, in accordance with the peaceful jurisprudence of the Federal Supreme Court. In the case of the exploration of economic activity in the strict sense, the Constitution itself, in article 173, § 2, states that “public companies and mixed-economy companies may not enjoy tax privileges not extended to those of the private sector”. However, this occurs in the exploration of economic activity in the strict sense, but not in the provision of public services.
In terms of administering resources from constitutional funds for regional development, these federal public banks operate on a non-competitive basis, as they are the only ones, by law, to manage these resources and provide a public service to promote regional development, in addition to being remunerated by fixed decreasing percentages levied on the net assets of constitutional funds. These remuneration percentages have decreased from 3% per year, in the 2018 financial year, to 1.5% per year, from January 1, 2023, which characterizes that the main purpose of the aforementioned banks when managing the funds' resources Constitutional objectives is not profit, but the eradication of regional inequalities, one of the fundamental objectives of the Federative Republic of Brazil listed in the third article of the Magna Carta.
Despite being formally mixed-economy companies exploring economic activity, by managing the resources of the aforementioned funds, these federal public banks are providing a public service to reduce regional inequalities by acting as mechanisms and instruments of the Union to achieve this objective. Furthermore, they also act as mechanisms and instruments of the Union for this federative entity to exercise its constitutional competence to draw up and execute national and regional plans for territorial ordering and economic and social development, established in article 21, IX of the Political Charter.
In this way, as explained in the preceding paragraphs, the aforementioned federal financial institutions, in carrying out their institutional missions of managing the resources of constitutional regional development funds, provide public services to promote regional development and reduce regional inequalities, on a non- competitive and without a preponderantly profitable purpose, thus complying with the requirements established by the STF to be entitled to the granting of reciprocal tax immunity contained in article 150 of the Constitution, expressly granted to public agencies and foundations governed by public law.
In the law that governs the functioning of constitutional funds and regulates article 159, I, 'c' of the Political Charter, Law 7,827/89, its article 16 determines that “The Banco da Amazônia SA (Basa), the Banco do Nordeste do Brasil SA (BNB) and B2B Email List Banco do Brasil SA (BB) are the administrators of the Northern Constitutional Financing Fund (FNO), the Northeast Constitutional Financing Fund (FNE) and the Central-West Constitutional Financing Fund (FCO ), respectively” .
These three federal financial institutions controlled by the Union are mixed capital companies that explore economic activity of financial intermediation in which they compete with other private financial institutions. When carrying out these activities, these state-owned companies are not entitled to the reciprocal tax immunity to which local authorities, public foundations governed by public law and state-owned companies (public companies and mixed-capital companies) that provide public services on a non-competitive basis and that do not aim to make a profit as the primary and preponderant purpose, in accordance with the peaceful jurisprudence of the Federal Supreme Court. In the case of the exploration of economic activity in the strict sense, the Constitution itself, in article 173, § 2, states that “public companies and mixed-economy companies may not enjoy tax privileges not extended to those of the private sector”. However, this occurs in the exploration of economic activity in the strict sense, but not in the provision of public services.
In terms of administering resources from constitutional funds for regional development, these federal public banks operate on a non-competitive basis, as they are the only ones, by law, to manage these resources and provide a public service to promote regional development, in addition to being remunerated by fixed decreasing percentages levied on the net assets of constitutional funds. These remuneration percentages have decreased from 3% per year, in the 2018 financial year, to 1.5% per year, from January 1, 2023, which characterizes that the main purpose of the aforementioned banks when managing the funds' resources Constitutional objectives is not profit, but the eradication of regional inequalities, one of the fundamental objectives of the Federative Republic of Brazil listed in the third article of the Magna Carta.
Despite being formally mixed-economy companies exploring economic activity, by managing the resources of the aforementioned funds, these federal public banks are providing a public service to reduce regional inequalities by acting as mechanisms and instruments of the Union to achieve this objective. Furthermore, they also act as mechanisms and instruments of the Union for this federative entity to exercise its constitutional competence to draw up and execute national and regional plans for territorial ordering and economic and social development, established in article 21, IX of the Political Charter.
In this way, as explained in the preceding paragraphs, the aforementioned federal financial institutions, in carrying out their institutional missions of managing the resources of constitutional regional development funds, provide public services to promote regional development and reduce regional inequalities, on a non- competitive and without a preponderantly profitable purpose, thus complying with the requirements established by the STF to be entitled to the granting of reciprocal tax immunity contained in article 150 of the Constitution, expressly granted to public agencies and foundations governed by public law.