Multiple Contracts with Simple Interest: The Case of SACRE-F
Abstract
In a previous paper de Faro and Lachtermacher (2023), considering a particular version of the so-called System of Increasing Amortization in Real Terms, SACRE-F, in the case of compound interest, was shown that if a single contract is substituted by multiple contracts, one for each payment of the single contract, the financing institution may derive substantial fiscal gains. In terms of the present value of the corresponding income taxes.
Notwithstanding, the Brazilian Jurisprudence, cf. Jusbrasil (2023), has repeatedly determined that the use of compound interest implies the occurrence of anatocism. The payment of interest on interest. Mari & Aretusi (2019) reported the same kind of determination by the Italian justice.
Therefore, the analysis should also consider the hypothesis of the use of simple interest. SACRE-F, in the case of simple interest has shown that if a single contract is substituted by multiple contracts, one for each payment of the single contract, the financing institution may derive substantial fiscal gains, as in the compound interest case.
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