Portal de Periódicos da CAPES

Cessão de créditos tributários: a experiência de securitização da dívida ativa do estado de minas gerais

2020; Volume: 20; Issue: 01 Linguagem: Inglês

1806-8944

Cristina Monteiro de Queiroz,

Brazilian Legal Issues

The objective of this study was to understand whether the ICMS credit securitization operation carried out by the State of Minas Gerais in 2012 was in accordance with (i) federal legislation for the assignment of active debt and (ii) the principles and concepts of tax law. To this end, a typical securitization operation in the private market and the structure of the operation carried out by the State of Minas Gerais were described. In addition, concepts such as tax competence, active tax capacity and delegability were discussed. The principle of efficiency and the low collection of active debt were also addressed. It was found that ICMS credits were not assigned, only the autonomous right to receive them. In addition, as the State of Minas Gerais was more exposed to the risk of default, the assignment of ICMS credits was characterized as not definitive. The research hypothesis that the transaction did not respect the legislation was refuted, since, at the time of the transaction, there was no prohibition on non-definitive assignments.