MP that established the TLP was converted into legislation


MP that established the TLP was converted into legislation

Provisional Measure No. 777, establishing the Long-Term Rate (TLP), was converted into the Law 13483/161, replacing the Long-Term Interest Rate (TJLP).

When will the change arrive?

The TLP will come into force on 01-01-2018, for the following remuneration below:

a) of the PIS-Pasep Fund;

b) of the Workers' Assistance Fund (Fundo de Amparo ao Trabalhador - “FAT”);

c) the Merchant Marine Fund (Fundo da Marinha Mercante - “FMM”); and

d) of the financing granted by the National Treasury to the National Bank for Economic and Social Development (BNDES).


TLP will be valid monthly from the first business day of each calendar month, and will correspond to the simple arithmetic average of for the five-year term of interest rate structure of National Treasury Notes Series B - NTN- B (one of the public debt securities), daily calculated, from the three months prior its definition.

Transition in agreements

As of 01/01/2018, to hire operations using TJLP as a reference is forbidden, unless for:

a) hedging operations;

b) financing operations that had the preliminary recognition of their eligibility at the credit lines of the official federal financial institutions by credit committee or similar body until Dec-31-2017;

c) financing operations intended to supporting infrastructure projects, the object of public bids whose auction was published up to Dec-31-2017;

d)indirect financing operations, through accredited financial agents, which have been filed with federal official financial institutions up to Dec-31-2017; and

e) operations carried out through the BNDES Card that have been authorized in its Operations Website up to Dec-31-2017.

Effects on installments

The application of TJLP for the purposes provided for in specific legislation will not be excluded. Accordingly, the installments updating granted in the scope of the Federal Revenue of Brazil (RFB) and the General Attorney of National Treasury (PGFN), with application of TJLP, will be maintained, such as Refis (Law 9.964/2000), Paes and the alternative Installment (Law 10,684/2004), and Paex (Provisional Measure 303/2006).

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