Delay in split payment increases operational risk for companies in 2027

The postponement of the split payment system, a cornerstone of Brazil's tax reform, signals a critical technological bottleneck that will impact corporate cash flow efficiency starting in 2027. The promise of full automation for CBS and IBS tax collection is now hindered by infrastructure limitations, potentially prolonging reliance on complex and costly transition regimes. With the commercial dollar trading at R$ 5.1639 after a 1.81% rise over the last seven days, the business environment already faces cost pressures that make administrative inefficiencies a significant risk factor for the working capital of B3-listed companies. The 12-month accumulated IPCA of 4.44% highlights that purchasing power remains under scrutiny, and technical failures in tax collection could lead to indirect tax costs being passed on to consumers. With the Selic rate at 14.00% per annum, any delay in modernizing the collection system represents a real financial cost, trapping capital in tax bureaucracy instead of productive investment.