A study by Nova SBE and cited by Jornal de Negócios states that the drop in profits is justified by “a significant drop in domestic sales” after the introduction of this tax, which also led to a 19.3% decrease in net income and less income from corporate income tax entering the state coffers.
“This drop is related to the control group, which are companies in the bottled water sector”, pointed out João Pereira dos Santos, one of the authors of the study, to the same newspaper.