O impacto do Split Payment sobre o capital de giro das empresas no contexto da Reforma Tributária do Consumo

Abstract

The Consumer Tax Reform represents one of the most significant changes in the Brazilian tax system in recent decades. Among the main innovations introduced, Split Payment stands out as a mechanism by which, at the moment of financial settlement of the transaction, the amounts corresponding to taxes are automatically segregated, so that the company receives only the net value of the transaction. Given this context, the present study aims to examine the possible impacts of Split Payment on companies' working capital. To this end, data extracted from the 2025 financial statements of companies listed in the IBrX 50 were used, selected by sector, in order to calculate the loss of the tax float, understood as the interval between the receipt of the sale and the effective payment of taxes. The results indicate that companies with a shorter Average Collection Period tend to be more affected by the implementation of Split Payment, since they no longer temporarily hold the amounts related to taxes as a source of short-term operational financing. Therefore, more rigorous financial planning becomes necessary to mitigate the effects on working capital. Based on the results obtained, the study contributes to helping managers understand the financial effects of Split Payment and anticipate the changes arising from the new tax collection system. Furthermore, in the theoretical field, the research broadens the discussion on the impacts of the Tax Reform on companies' working capital and provides a basis for future investigations on the subject.