{"id":99981,"date":"2026-09-09T21:29:37","date_gmt":"2026-09-10T00:29:37","guid":{"rendered":"https:\/\/murray.adv.br\/?p=99981"},"modified":"2026-09-09T21:29:37","modified_gmt":"2026-09-10T00:29:37","slug":"brazils-top-companies-urge-fiscal-reform-and-tax-overhaul","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazils-top-companies-urge-fiscal-reform-and-tax-overhaul\/","title":{"rendered":"Brazil\u2019s top companies urge fiscal reform and tax overhaul"},"content":{"rendered":"
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Executives at Valor 1000 winners say fiscal adjustment, greater predictability are essential for investment and growth<\/em><\/h6>\n<\/div>\n<\/div>\n
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Valor 1000 awards ceremony honored leading companies across 28 sectors, with Ita\u00fa named Company of the Year \u2014 Photo: Felipe Gabriel\/Valor<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n
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Two recurring issues on the corporate agenda have taken on greater urgency. One is the\u00a0consumption tax overhaul<\/strong>, which enters a new phase in 2027 and aims to implement a simpler, more efficient system\u2014which has long been needed\u2014by 2033. The other is the\u00a0adjustment of public finances<\/strong>, another essential item on the agenda, which is in a different position: its implementation remains uncertain, despite being part of the election debate.<\/p>\n<\/div>\n

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These two issues, which have always been crucial to the quality of Brazil\u2019s business environment, rank among the main concerns of the country\u2019s largest companies, according to the\u00a0Valor 1000<\/strong>\u00a0ranking, whose winners were honored Tuesday (8) at an event at the Unique hotel in S\u00e3o Paulo.<\/p>\n<\/div>\n

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Serasa Experian\u00a0<\/strong>compiled the ranking in partnership with\u00a0Valor\u00a0<\/strong>and\u00a0\u00c9poca Neg\u00f3cios<\/strong>.\u00a0FGV\/SP\u2019s Center for Financial Studies<\/strong> validated the survey criteria.<\/p>\n<\/div>\n

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The resilience of Brazilian companies, which continued to grow revenue despite a challenging environment, was highlighted by\u00a0Frederic Kachar, CEO of Editora Globo and Sistema Globo de R\u00e1dio<\/strong>. He stressed how difficult it is for short- and medium-term interest rates to decline in real terms as long as public debt remains high. For Kachar, the lack of a substantive debate over fiscal adjustment in the presidential campaigns is a source of frustration. \u201cThis issue can no longer be postponed. Fiscal adjustment is necessary,\u201d he said.<\/p>\n<\/div>\n

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\u201cIn Brazil, we are facing institutional crises and challenges that need to be addressed urgently,\u201d said\u00a0Maria Fernanda Delmas, editorial director<\/strong>\u00a0of Valor and Editora Globo\u2019s business and economics brands, in opening the event.<\/p>\n<\/div>\n

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\u201cThe work of the companies we are honoring today is an integral part of people\u2019s lives and of building a country. We know this is an ongoing process, with successes and mistakes, and that it is subject to our critical coverage as a way of contributing to a better society. It can also inspire many other businesses and professionals to follow a better path,\u201d she said. \u201cWe seek to look at companies\u2019 financial health, but also at the broader responsibility of each corporation\u2014its commitments to the communities where it operates, consumers, employees, public authorities, suppliers and other partners, the environment, and investors.\u201d<\/p>\n<\/div>\n

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Executives at the winning companies assess the current environment from this broader perspective.<\/p>\n<\/div>\n

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\u201cSocial policy and fiscal policy have to go hand in hand. The more disciplined you are fiscally, the more you can control inflation and create room for social programs,\u201d said\u00a0Milton Maluhy Filho, CEO of Ita\u00fa Unibanco<\/strong>, the 2026 Company of the Year and winner in the financial sector.<\/p>\n<\/div>\n

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The executive said public finances should be at the top of every presidential candidate\u2019s priorities. \u201cWhoever wins the election needs to urgently propose a budget reform, make the budget more flexible, eliminate a large portion of fixed spending, and tackle this problem. We need to create room to cut spending and better prioritize investment,\u201d he said. \u201cThis will require action by the executive and legislative branches and by society as a whole. That would create room for private credit, both domestic and foreign, so that we can start talking about productivity.\u201d<\/p>\n<\/div>\n

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The trajectory of public debt is a concern for industrial executives.\u00a0Gustavo Werneck<\/strong>, CEO of Gerdau\u2014the winner in the steel and metals sector in the Valor 1000 ranking\u2014issued a strong warning. \u201cThe lack of fiscal adjustment puts pressure on interest rates and inflation. We are approaching a point of no return. Government officials and those seeking office can no longer simply talk about it. We cannot enter 2027 without a commitment to fiscal adjustment focused on reducing public spending,\u201d he said. \u201cWithout adjustment, there is no public investment. Without economic growth, companies won\u2019t invest. It is a fundamental issue for Gerdau\u2019s investment decisions.\u201d<\/p>\n<\/div>\n

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Alberto Kuba, CEO of WEG, the top-ranked company in the machinery sector, shares that view. He noted that the company works with long-term plans but expressed concern about the current environment. \u201cWithout fiscal adjustment, perceptions of [high] country risk will persist.\u201d<\/p>\n<\/div>\n

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For Henrique Fernandez, CEO of Intelbras, the winner in the electronics sector, putting public finances on a sounder footing is imperative. \u201cWithout it, interest rates will remain high for longer, making credit more expensive, curbing consumption and delaying investment decisions,\u201d he said. \u201cHigh interest rates that persist for a long time mean more selective demand and longer decision-making cycles among customers,\u201d the executive said.<\/p>\n<\/div>\n

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Valter Pitol, managing director of Cooperativa Agroindustrial Consolata (Copacol), the top-ranked company in agribusiness, sees a challenging outlook despite the company\u2019s strong results. \u201cFor 2027, we see a lot of fiscal uncertainty, a higher cost of capital, and a weaker real,\u201d he said. According to Pitol, a deterioration in the fiscal outlook could lead Copacol to postpone planned investments.<\/p>\n<\/div>\n

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The concern cuts across industries. Diogo Corona, CEO of Smart Fit\u2014the winner in specialized services\u2014said fiscal policy affects the entire economic backdrop, including interest rates, inflation, the exchange rate, and overall confidence. \u201cA more predictable environment helps support investment and consumption decisions,\u201d he said.<\/p>\n<\/div>\n

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\u201cWe need interest rates to be less restrictive,\u201d said Leonardo Mesquita, co-CEO of Cury Construtora, the winner in real estate development. \u201cOnce interest rates return to more normal levels, we will be able to make investments with a longer-term view.\u201d<\/p>\n<\/div>\n

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Executives say greater predictability would be especially welcome at a time when companies are undergoing significant adjustments because of the ongoing tax overhaul.<\/p>\n<\/div>\n

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The introduction of the Contribution over Goods and Services (CBS) will require changes to billing, accounting, and procurement processes at Sabesp, the winner in the water, sanitation, and environmental services sector. \u201cThe main challenge will be managing the transition safely while maintaining operational continuity and the quality of tax information,\u201d said CEO Carlos Piani.<\/p>\n<\/div>\n

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\u00c9der Odvar Lopes, CEO of Inpasa, the top-ranked company in bioenergy, sees the tax overhaul as a historic transition. He said the biggest hurdle could be the regulation of special regimes, including regional tax incentives. \u201cFor a company operating in several states and with extensive supplier networks, the main task is adapting systems, tax processes, contracts, and financial flows to the new model,\u201d he said.<\/p>\n<\/div>\n

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Marcelo Oberg, CEO of Sotreq, the top-ranked company in wholesale and foreign trade, said the biggest test is not adapting to new tax rates and levies but preserving working capital. \u201cIt is essential to have mechanisms ensuring that the stock of tax credits from the previous system, particularly ICMS [state value-added tax], can be recovered so companies can maintain healthy cash flow,\u201d he said.<\/p>\n<\/div>\n

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At RD Sa\u00fade, which owns the Droga Raia and Drogasil pharmacy chains and won in retail, the preferential tax treatment provided for certain medicines is viewed as a step forward. \u201cThe measure could help expand access to and adherence to treatment, particularly among patients with chronic conditions,\u201d said CEO Renato Raduan. \u201cWe are well advanced on this agenda, with our systems and processes being prepared to ensure a safe and proper transition to the new model,\u201d he said, describing the reform as structurally positive.<\/p>\n<\/div>\n

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Andr\u00e9 De Angelo, CEO of Acciona Brasil, the leader in construction and engineering, highlighted the impact of the tax overhaul on long-term concession contracts. \u201cThese contracts will span different tax regimes over their terms,\u201d he said. \u201cThat affects financial models and requires mechanisms to restore the economic and financial balance of contracts with the granting authorities.\u201d<\/p>\n<\/div>\n

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According to Carlo Bergamaschi, executive director of Valgroup, the winner in plastics and rubber, the transition is highly demanding, particularly for a company operating in several states with a complex value chain. Changes to the rules and implementation timelines for different stages of the overhaul add to the complexity. Even so, he is optimistic. He believes the new system could bring significant improvements, such as reducing tax evasion and informality\u2014\u201cwhich means a fairer competitive environment,\u201d he said.<\/p>\n<\/div>\n

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The 2026 edition of the ranking assessed 1,034 companies based on financial performance. In a second stage, the highest-ranked companies were evaluated using ESG criteria\u2014environmental, social, and governance practices\u2014to determine the leaders in 28 sectors of the economy.<\/p>\n<\/div>\n

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In a year marked by numerous challenges\u2014from high interest rates and rising debt at home to wars that have severely disrupted global supply chains and heightened geopolitical tensions\u2014these companies managed to grow both revenue and profit.<\/p>\n<\/div>\n

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The Valor 1000 awards are organized by Valor Econ\u00f4mico and \u00c9poca Neg\u00f3cios, with gold sponsorship from Alelo, Caixa Seguridade, Huawei, and Deloitte; silver sponsorship from FGV Educa\u00e7\u00e3o Executiva, Vibra, MBRF, Febraban, and XP; and bronze sponsorship from Intelbras, CNI Sistema Ind\u00fastria, Sicredi, and Minera\u00e7\u00e3o Taboca. Azul is the event\u2019s official airline, and GAC is its official vehicle partner, with support from FIESP and Eletromidia and partnerships with Serasa Experian and FGVcef\/FGV-SP.<\/p>\n<\/div>\n

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(Marcos Coronato contributed reporting)<\/em><\/strong><\/p>\n

*By\u00a0Jacilio Saraiva\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n<\/div>\n

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Executives at Valor 1000 winners say fiscal adjustment, greater predictability are essential for investment and growth 09\/09\/2026 Valor 1000 awards ceremony honored leading companies across 28 sectors, with Ita\u00fa named Company of the Year \u2014 Photo: Felipe Gabriel\/Valor Two recurring issues on the corporate agenda have taken on greater urgency. One is the\u00a0consumption tax overhaul, […]<\/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":[27154],"class_list":["post-99981","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-brazils-top-companies-urge-fiscal-reform-and-tax-overhaul"],"yoast_head":"\nBrazil\u2019s top companies urge fiscal reform and tax overhaul - 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\/brazils-top-companies-urge-fiscal-reform-and-tax-overhaul\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazil\u2019s top companies urge fiscal reform and tax overhaul - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Executives at Valor 1000 winners say fiscal adjustment, greater predictability are essential for investment and growth 09\/09\/2026 Valor 1000 awards ceremony honored leading companies across 28 sectors, with Ita\u00fa named Company of the Year \u2014 Photo: Felipe Gabriel\/Valor Two recurring issues on the corporate agenda have taken on greater urgency. 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