Patrimônio de afetação na atividade imobiliária: um estudo com incorporadoras e construtoras da Grande São Paulo

Abstract

The approving of the Law no. 10.931/04 originated the Affection Equity and the Real Estate Agency (RET), for the real state agency business. The Equity Affection, an option for the incorporatior, had the aim of giving more security to purchasers and to under construction real state providers, demanding more transperency regarding some provided information. The incorporators should maintain the complete accounting of posted ventures under such a system. Concerning RET, it can be stated that it was a way of making incorporation adhere to equity, with an only taxation of 7% under the billing, enclosing the Income Tax, the Social Contribution on Net Income, the Employers´ Profit Participation Program and the Social Contribution on Billing. Therefore, the aims of this work are to verify if there is an advantage for incorporations when using the RET, as a means of making them decide on the Equity Affection and analyze the market´s point of view about such a matter. In order to accomplish this, there had been carried out two pieces of research, one of which was made with 30 incorporations trial balances, located in São Paulo City, contributed by the Taxable Income, and a second one, through a quaetionnaire, as a way of verifying the knowledge of enterprises about such a matter. The results of the first research demostrated that there would be an avantage if the RET were used by the majority of the sample enterprises. However, it would not be an advantage in all moments of the research. Such an advantage can be obtained when there is a simulation of the same calculations, but this time with a reduction of 0,5% in the determined Income Tax by the legislation. The comparison between the RET and the anticipated profit demonstrated that for enterprises which have the possibility of anticipating profit, if it is not worthy the use of RET. This is due to their already contributing by an Income Tax lower than the redefined 7% in the new legislation. At least, it would be necessary a reduction of 1% in the Income Tax for attracting such enterprises. Concerning the second piece of research ( about the knowledge and utility of the Equity Affection and the RET by the incorations), such a research had showed that the present subject should be studied deeply. Few enterprises had already used such a system in the ventures, and most of them had not studied the subject yet as a means of predicting its future use.