{"id":98615,"date":"2026-05-22T21:47:54","date_gmt":"2026-05-23T00:47:54","guid":{"rendered":"https:\/\/murray.adv.br\/?p=98615"},"modified":"2026-05-22T21:47:54","modified_gmt":"2026-05-23T00:47:54","slug":"tax-overhaul-clouds-outlook-for-infrastructure-concessions","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/tax-overhaul-clouds-outlook-for-infrastructure-concessions\/","title":{"rendered":"Tax overhaul clouds outlook for infrastructure concessions"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><em>Companies warn delayed compensation rules could strain cash flow and disrupt operations from sanitation to highways<\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-05-22T06:13:06.928-03:00\">05\/22\/2026\u00a0<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<hr class=\"content__divider \" \/>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"row medium-uncollapsed content-media content-photo\" data-block-type=\"backstage-photo\" data-block-id=\"0\">\n<div class=\"mc-column content-media__container\" data-image-display=\"normal\">\n<div class=\"content-media-container\">\n<figure class=\"content-media__figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-media__image\" src=\"https:\/\/s2-valorinternational.glbimg.com\/ty5y54eVF3ERqfvkPHynPvYS6e8=\/0x0:3840x2160\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_37554604729d4b2f9f3eb9ad8a691345\/internal_photos\/bs\/2024\/B\/b\/C7nFrDQTC8qHqv8RqNag\/106392468-esta-c3-a7-c3-a3o-20de-20tratamento-20da-20sabesp-20em-20s-c3-a3o-20paulo-20vista-20de-20cima-20-20divulga-c3-a7-c3-a3o.jpg\" alt=\"Sabesp wastewater treatment plant in S\u00e3o Paulo \u2014 Foto: Divulga\u00e7\u00e3o\" width=\"3840\" height=\"2160\" \/><figcaption class=\"content-media__description\"><em>Sabesp wastewater treatment plant in S\u00e3o Paulo \u2014 Photo: Divulga\u00e7\u00e3o<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\">\n<div class=\"mc-side-item mc-side-item--right content-ads content-ads--side-ad mc-side-item-block\">\n<div id=\"banner_materia1\" class=\"tag-manager-publicidade-container tag-manager-publicidade-banner_materia1 tag-manager-publicidade-container--carregado tag-manager-publicidade-container--visivel\" data-google-query-id=\"CJqS5p-WzpQDFaFvuAQdwiQfeg\">\n<div id=\"google_ads_iframe_\/85042905\/valorinternational\/business\/materia_1__container__\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"60\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Brazil\u2019s infrastructure market sees a high risk of delays in adapting to the tax reform, which begins to take effect in 2027. Companies are already preparing a wave of requests to rebalance contracts, but there are concerns that delays could hurt concessionaires\u2019 cash flow and, in some cases, make operations unviable in segments that currently do not even issue invoices.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"56\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Concerns about the tax changes are not limited to infrastructure. But unlike other sectors, concessionaires are not free to adjust prices and pass on cost increases, said tax lawyer Jorge Lopes, a partner at Pinheiro Neto Advogados. \u201cIt is a sector of long-term contracts. Other sectors have more freedom to react quickly to impacts,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"73\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Sanitation companies are in the most dramatic situation, according to companies and tax lawyers. The sector, which does not pay municipal and state taxes, was left out of the exemption list in the reform. Abcon, the association representing private sanitation companies, estimates that the average impact on tariffs could reach 18%, considering that the tax rate would rise from the current level of as much as 9.25% to 26.5%, according to preliminary calculations.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The law recognizes that infrastructure concessionaires have the right to compensation for tax increases, through tariff increases, for example. However, calculating and applying that compensation is often difficult and slow.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In sanitation, companies have not even reached the stage of discussing contract rebalancing because they are still in an earlier, more bureaucratic phase: understanding how invoices will be issued for taxes from which they are currently exempt, said Abcon president, Christianne Dias.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"45\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cThere is a working group with the Federal Revenue Service, but the rule is not ready. There is a lot of anxiety among members. In January 2027, companies will start facing fines, and no one knows yet what the system will look like,\u201d she said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"63\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Worse than the fines, there is a risk that companies\u2019 operations could be halted without this system, said Andr\u00e9 Menon, a tax partner at law firm Machado Meyer. \u201cBecause of the validation rules, which are the minimum information required for a tax document to be issued, the taxpayer cannot even operate. The company would not be able to bill for water, for example.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"51\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Asked about the issue, the Federal Revenue Service said there are \u201cno more uncertainties,\u201d since the manuals on water and sanitation invoices were published in April. Abcon, however, said it is still waiting for a guide with the clarifications companies need to develop their systems, and that the outlook remains unclear.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"45\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Once that stage is cleared, sanitation companies will still have to deal with contract rebalancing, another issue that is more complex in the sector because of the large number of regulatory agencies. \u201cThere are 110 agencies, so standardizing the methodology is very difficult,\u201d Dias said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"74\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Abcon believes the solution will be to negotiate a reference rule with ANA, the National Water and Sanitation Agency, which sets the parameters that local agencies must follow. So far, however, talks with the federal agency have not advanced. Outside that framework, rebalancing itself can only be granted by the local authority. \u201cThe risk is that the sector will grind to a halt and investment will be frozen,\u201d Dias said. ANA declined to comment.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Preventive rebalancing<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"34\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">For highways, talks with the largest agencies, ANTT, the National Land Transportation Agency, and Artesp, the S\u00e3o Paulo State Transportation Agency, are already underway, but regulators have not yet put forward a concrete proposal.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"52\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cThe main concern is to give momentum to the issue with a view to concluding it still in 2026, so that 2027 begins with the [contract rebalancing calculation] methodology in place and concessionaires do not face a cash-flow mismatch,\u201d said Marco Aur\u00e9lio Barcelos, president of the Brazilian Association of Highway Concessionaires (ABCR).<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"61\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">He said it is difficult to quantify the average impact of the reform because it varies greatly from case to case. In more recent contracts, where there are still more works to be carried out, the effect is smaller, since taxes can be offset with credits generated by investments. More mature projects, where works have already been delivered, are more affected.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"73\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">ABCR\u2019s proposal is to work with annual precautionary rebalancing, anticipating the effects, instead of waiting for the impacts to occur and only then filing rebalancing requests, as usually happens. \u201cThe idea is to project the impacts of the reform for 2027 at the end of 2026 and already carry out a rebalancing. At the end of the year, we will have the actual information on the impact and, with that, make the adjustment.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">ABCR argues that this should be done every year, always with advance compensation for the following year, along with an assessment of the previous year, supported by independent verifiers.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"27\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Sector agencies still do not have a proposal, but there are signs that the precautionary rebalancing model could be adopted in the case of the tax reform.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"61\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">ANTT Director General Guilherme Sampaio said in a statement that the possibility of precautionary and evidence-based rebalancing is being considered. \u201cAt this moment, however, there is still no definitive methodology approved by ANTT,\u201d he said. Sampaio noted that he understands companies\u2019 concerns and stressed that ANTT should address the issue \u201cas quickly as possible, without compromising technical consistency and legal certainty.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"21\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Artesp said it is preparing a methodology \u201cbased on objective technical criteria, taking into account the specific characteristics of each concession.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"24\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Risk matrix<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The National Civil Aviation Agency (Anac), which regulates airports, said it has a working group with companies to discuss the methodology for calculating the impacts. The National Waterway Transportation Agency (Antaq), which oversees ports, said that \u201cany requests must demonstrate the causal link, the materiality of the impact and its adherence to the risk matrix.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"26\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The Federal Revenue Service noted that the law gives regulatory agencies 90 days to respond to rebalancing requests, with a one-time extension of another 90 days.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Despite concerns over the start of implementation, Pinheiro Neto\u2019s Lopes said the reform will be phased in.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"28\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In 2027, Contribution on Goods and Services (CBS) will take effect, replacing federal taxes. Starting in 2029, the transition to Tax on Goods and Services (IBS), which will replace state and municipal taxes, will begin. A testing phase is already starting this year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"21\" data-block-id=\"29\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Lopes also said segments such as energy and telecommunications, which already face high tax rates, should feel less of an impact.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"15\" data-block-id=\"31\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The infrastructure segment that will benefit the most is public transportation, which will be exempt.<\/p>\n<\/div>\n<div data-track-category=\"multicontent\" data-track-action=\"ultimo chunk conteudo\" data-track-noninteraction=\"false\" data-track-scroll=\"view\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"32\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Even in that sector, however, there are doubts. For example, in the case of subway operators, it is not clear what treatment will apply to subcontracting in operations and maintenance, which is common, Machado Meyer\u2019s Menon said.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">*By\u00a0Ta\u00eds Hirata\u00a0\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Source: Valor Internatiuonal<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Companies warn delayed compensation rules could strain cash flow and disrupt operations from sanitation to highways 05\/22\/2026\u00a0 Sabesp wastewater treatment plant in S\u00e3o Paulo \u2014 Photo: Divulga\u00e7\u00e3o Brazil\u2019s infrastructure market sees a high risk of delays in adapting to the tax reform, which begins to take effect in 2027. Companies are already preparing a wave [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[22974],"class_list":["post-98615","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-tax-overhaul"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax overhaul clouds outlook for infrastructure concessions - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/tax-overhaul-clouds-outlook-for-infrastructure-concessions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax overhaul clouds outlook for infrastructure concessions - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Companies warn delayed compensation rules could strain cash flow and disrupt operations from sanitation to highways 05\/22\/2026\u00a0 Sabesp wastewater treatment plant in S\u00e3o Paulo \u2014 Photo: Divulga\u00e7\u00e3o Brazil\u2019s infrastructure market sees a high risk of delays in adapting to the tax reform, which begins to take effect in 2027. 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