Understand the situation of Cruzeiro on tax debts, after law sanctioned by Bolsonaro – Sports

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Law 14,073 / 2020, sanctioned by President Jair Bolsonaro (without a party), last Wednesday (14), directly interferes in Cruzeiro’s interests in relation to the club’s tax debts.

In the text, Bolsonaro vetoed the possibility of the reintegration of clubs that were expelled from the Football Management Modernization and Fiscal Responsibility Program (Profut), including Raposa.

With a tax debt that exceeds R $ 300 million, the celestial club was definitively removed from the program last week, for not having met the requirements determined by the agency for participation in Profut, such as the payment of the financing installments, and current taxes .

To justify the veto, the government stated that the reopening of Profut would be in violation of the Fiscal Responsibility Law and the Budget Guidelines Law for 2020.

In addition to the legal side, Bolsonaro – who had the decision endorsed by the Ministries of Economy and Citizenship, in addition to the Advocacy General of the Union (AGU) – also stated that this flexibility for defaulting clubs would not bring immediate benefits.

“Furthermore, despite the adhesion to Profut consists of a measure that benefits sports entities with a reduction in tax liabilities and installment of debts, the way in which the proposed reopening of the term for new adhesion is not feasible since, in addition to not representing a setback expected financial, will not alleviate or solve the financial and fiscal problems faced by sports entities in the exceptional scenario caused by the pandemic, where more complex and effective solutions are required “, the government publishes, in an excerpt from the law.

Frustration and impacts

Having as main argument the fact that this default would be the responsibility of previous administrations, the current board of Cruzeiro was hoping to try to reverse the situation with the Federal Government.

With the setback, the starred club tends to see the financial asphyxiation that the institution goes through, to increase even more.

This is because, excluded from Profut, Cruzeiro loses the possibility of renegotiating and splitting up tax debts, and the execution of this debt becomes short-term.

The impossibility of splitting this amount can still cause a series of blockages and pledges to the club, making it even more difficult to manage the institution, especially the cash flow to cover football expenses.

Alternative

Despite vetoing the return of clubs in the situation of Cruzeiro to Profut, the law signed this Wednesday opens an alternative for these institutions to try to renegotiate the tax debt with the Union.

Article 8 of the text provides that clubs can carry out financial transactions with a public bank, in this case Caixa Econômica Federal, to settle the debt.

In practice, Cruzeiro can request a loan from Caixa to pay all the tax debt with the Federal Government.

Then, in negotiations with the bank itself, the club can have a discount of up to 70%, with a deadline for discharge that can reach up to 145 months (12 years and one month).

In the case of Profut, the payment term is 240 months (20 years).

Manager celebrates

Shortly before announcing the departure of the post of superintendent of institutional and governmental relations at Cruzeiro, state deputy Léo Portela celebrated the possibility that Raposa could renegotiate the tax debt.



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