Congress overturns veto on Simple Nacional debt renegotiation

Congress overturns veto on Simple Nacional debt renegotiation

This Thursday (10th), the National Congress overturned President Jair Bolsonaro’s total veto of the Complementary Law Project that creates a new debt installment program for micro and small companies participating in Simples Nacional, including individual microentrepreneurs (MEI) and companies undergoing judicial reorganization.Congress overturns veto on Simple Nacional debt renegotiation

The veto was overturned with the vote of 65 senators and 430 deputies. The bill will proceed for enactment. The measure, approved in December by the Chamber of Deputies, will allow the renegotiation of around R$50 billion in debt.

Following a recommendation from the economic team, Jair Bolsonaro claimed that the measure was unconstitutional as it would imply a waiver of revenue to the public coffers.

The installment, called the Debt Payment Rescheduling Program in the Scope of Simples Nacional (Relp), is intended for indebted companies that will be able to adhere to it until the last business day of the month following the publication of the future law. For the application to be granted, it is necessary to pay the first installment until the last day of adhesion to the installment plan.

The taxpayer will have discounts on interest, fines and charges in proportion to the drop in billing in the period from March to December 2020 compared to the period from March to December 2019. Companies inactive in the period will also be able to participate.

After discounts and a down payment, the remaining balance could be paid in up to 180 months, due in May of each year. However, for debts with Social Security, the installment would be in 60 months.

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