By Brazil Stock Guide – Roberto Campos Neto, vice president of Nubank (B3: NUBR33 / NYSE: NU) and former head of Brazil’s Central Bank, proposed a 17.5% minimum effective tax rate for all financial institutions. The goal, he said to Folha de S.Paulo, is to align fintechs and banks under the same fiscal rule and “end misleading comparisons.”
The debate follows Congress’s rejection of a bill that would have raised the CSLL tax on fintechs, aligning it with bank rates. Fintechs say they already pay more: the Zetta association cites a 2024 average tax burden of 29.7%, versus 12.2% for major banks.
Banks, represented by Febraban, argue that fintechs benefit from “unjustified tax advantages.” Campos Neto counters that a single 17.5% floor would “put everyone on the same line” and prevent selective tax relief.
Fintechs have added 28 million new customers to Brazil’s banking system since 2024, according to Campos Neto, who credits innovation for expanding access to credit. Yet as competition deepens, banks are pressing regulators for tighter oversight — and Congress may consider broader tax hikes to help the government meet its 2026 fiscal target.
Read more: Fintech vs Bank: Counting the tax
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