Fenacap criticizes the 5 percentage point increase in CSLL (Social Contribution on Net Profit) until 2028 for capitalization companies.

The National Federation of Capitalization Companies (Fenacap) criticized the increase in the Social Contribution on Net Profit (CSLL) tax rate for companies in the sector. The measure was established in a law sanctioned by President Luiz Inácio Lula da Silva in December 2025, as part of a package of cuts to tax benefits.

The legislation stipulates that the CSLL tax rate for capitalization companies will increase from the current 15% to 17,5% by 2027, reaching 20% ​​from 2028 onwards. The increase represents a 5 percentage point rise in the sector's taxation, as reported by Valor.

The organization representing capitalization companies in the country issued an official statement opposing the federal government's decision. According to Fenacap, the measure creates an imbalance in relation to other segments of the Brazilian insurance market.

The tax package approved by the president also includes tax increases for sports betting, fintechs, and interest on equity (JCP). However, in the case of the capitalization sector, the impact comes specifically from the increase in CSLL (Social Contribution on Net Profit).

The new taxation will affect all capitalization companies operating in Brazil. This segment is part of the national insurance market and is regulated and supervised by the Superintendence of Private Insurance (Susep).

Fenacap stated that "applying a higher CSLL tax rate to capitalization bonds segregates the sector from the rest of the insurance market, which is regulated and supervised by the Superintendence of Private Insurance (Susep), and creates a tax asymmetry that disregards the segment's significant contribution to society."

The federation also highlighted that the sector's products "enable, in addition to the formation of financial reserves, their use as guarantee instruments in public contracts, such as PPPs and concessions, support credit operations, and enable social impact initiatives by directing resources to charitable entities in the areas of health and social assistance, among other possibilities."

Capitalization companies will have to adapt to the new tax reality in the coming years, with impacts on their financial results. There is no information on possible compensations or alternative measures from the government to mitigate the impact of the tax increase on the sector.