Paulo “Sincerão” Guedes attacks again. The Economy Minister of Jair Bolsonaro said, on Tuesday (23), in the Chamber of Deputies, that he used his offshore in a tax haven to get rid of inheritance tax in the United States.
We already knew that he was making a big difference in Brazil’s taxes by sending the money to the British Virgin Islands – after all, he knows that Brazil is governed by people who don’t seem to understand the rules. Now, we learned that the objective was also to invest in shares in the North American market, running away from Uncle Sam.
“Offshore is an absolutely legal investment vehicle. It is absolutely legal. For succession reasons, if you buy shares in companies, if you have an account in the name of the individual, if you die, 46%, 47% is expropriated by the US government. an account with an individual, all your life’s work, instead of leaving it to heirs, becomes an inheritance tax. So the best thing is to use offshore, which is outside the continent”, stated in a hearing at the Commission on Labor, Administration and Public Service. Best for who, pale face?
It’s cool? The National Congress and Justice must say. But it is immoral for an economy minister from a country in the mud to seek to shield his money abroad from problems in running the country and, at the same time, avoid paying taxes. Twice.
The conviction with which Guedes Sincerão gave his testimony does not allow for an oversight. He really thinks the situation is normal.
In the same way that he thought it was all right to ask, on August 25th, “what’s the problem now that energy is going to get a little more expensive because it rained less?” Brazil is paying more for electricity due to the crisis in the power plant reservoirs, arising from the government’s inability to manage in the face of climate change.
Or when you disapproved of maids traveling to Disney; or criticized the increase in the population’s life expectancy; or asserted that the middle class exaggerates the size of the dish and that leftovers could feed the poorest; or complained that the government expanded access to Fies too much, supporting university students who “couldn’t read or write”; or hinted at a new AI-5 in the face of anti-government street protests; or labeled public servants parasites; or scolded the poor for not saving and associated them with the destruction of the environment
The disclosure about offshores by the minister and president of the Central Bank, Roberto Campos Neto, was made in the midst of Pandora Papers, a global reporting effort by the International Consortium of Investigative Journalists (ICIJ), which is releasing information on politicians, businessmen and personalities companies that benefit from tax havens.
The revelations about Guedes and Campos were published, on October 3, by the magazine Piauí and the newspaper El País, members of the consortium.
Paulo Guedes, his wife and daughter own an offshore company in the British Virgin Islands that, in 2015, had US$9.55 million – more than R$54 million in today’s exchange rate. Despite the account having been declared to the Revenue and informed to the government, the lawmakers are investigating whether the minister took actions that benefited him, incurring in administrative improbity.
The Code of Conduct of the High Federal Administration prohibits high-ranking employees from holding financial investments, in Brazil or abroad, that are likely to be affected by government policies about which “the public authority has privileged information, due to their position or function “.
Opposition deputies and senators complain that there was a conflict of interests when, in July, Guedes defended withdrawing from the bill that reforms the Income tax a rule that would tax values in tax havens. Guedes says that the withdrawal was due to pressure from the parliament itself.
Opposed to several of his banners, such as fiscal responsibility at all costs, which is being opportunistically trampled on by the government in the name of reelection, Guedes shows more love for the position than for his technical convictions and says amen.
Even because he knows that this is the greatest chance of his life, since he wouldn’t have one in a democratic and rational government. It does everything to keep feeling that warm of power, with an official car, always fresh coffee and aspones opening its doors. It is typical behavior of people who desperately try to polish tiny biographies.
Guedes doesn’t seem to mind being disallowed as long as he keeps being called a minister. Nor does a part of the financial market seem to care that Bolsonaro controls Guedes.
No wonder Jair likes Paulo so much. Both complete each other. Even in sincerity, which parades naked, to the disgust and astonishment of the Republic.