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SPE and National Treasury launch Tutorial on Golden Rule

Objective is to assist the work of economic analysts and others interested in monitoring Brazilian tax policy

As a way of assisting the work of economic analysts and others interested in monitoring Brazilian fiscal policy, the Fiscal Prism of the Secretariat of Economic Policy, in partnership with the National Treasury Secretariat, developed a tutorial to calculate the so-called "Golden Rule" . This constitutional provision, present in item III of article 167 of the Federal Constitution, prohibits credit operations in a volume that exceeds the amount of capital expenditures.

The tutorial, which uses the public budget consultation system developed by the Federal Senate, called SIGA Brasil, focuses on calculating the components that directly interfere in the accounting of the Golden Rule, namely: credit operations, and the change in the balance of the Debt sub-account. For this last component, the tutorial proposes an approximation of the calculation due to some restrictions inherent to the consultation system used.

In addition to the calculation of the components, the material also presents the other legal instruments that regulate the accounting procedure of the Golden Rule, as well as some public documents that bring relevant information about the subject, such as budget concepts and forecast use of non-originating budget sources issuance of securities for payments of public debt maturities.

Finally, it should be said that this initiative aligns with the objectives of the Fiscal Prism to stimulate social control over fiscal policy and the improvement of fiscal studies in the country.