A tributa誽o universal da renda no Brasil e a ADI 2 588

A tributa誽o universal da renda no Brasil e a ADI 2 588

,
)'3231-%
"#!$!!%(!)*!%%,(%%
EMSRHVEHI
M
MM
4ERH EHIYERH EHI3EH83!
2E)SQ"E E.,S)SQS ER<MR+ERXI MS )SQ"ER7MEE8ER.S&"SWM.#IW
M8&P+E.,SC
ETEVIGI E VIHI ZEVINMWXE ;EP
QEVX GSQ JEXYVEQIRXS HI &7
FMPLcIW I PYGVS HI &7
FMPLcIWMRJIVMSVESHE4I
XVSFVEW7IEPMWXEJSWWIJIMXETSV
PYGVSS;EPQEVXETEVIGIVMEETI
REW RE , GSPSGEdeS IRUYERXS
EIWXEXEPFVEWMPIMVE’GEVMEGSQS
PYKEV%KMKERXIHIEPMQIRXSW
IWXPh VIKMWXVSY S QEMSV PYGVS
HIRXVI SW KVERHIW KVYTSW QYR
HMEMWGSQKERLSHI&7
FMPLcIW 4SV VIGIMXE E IQTVIWE
WYfdEETEVIGIIQPYKEV
3YXVEWWIMWIQTVIWEWFVEWMPIMVEW
ETEVIGIQRSVER9MRK+PSFEP3
ERGSHSVEWMP’GSYRSPYKEV
GSQ JEXYVEQIRXS HI &7 FMPLcIW)QVIPEdeS/PMWXEERXIVMSV
WYFMY GSPSGEdcIW .gSW HIQEMW
FERGSW FVEWMPIMVSW UYI ETEVIGIQ
RS VER9MRK TIVHIVEQ TSWMdcIW2
S VEHIWGS TEWWSY HS PYKEV
TEVESGSQJEXYVEQIRXS&7
FMPLcIW IRUYERXS XEWE RZIWXMQIRXSW XEVIGYSYHE,
GSPSGEdeS TEVE , SY E WI\XE
FVEWMPIMVEQIPLSVGSPSGEHEGSQJE
XYVEQIRXSHI&7FMPLcIW
< %5EPIETEVIGI IWXIERS
GSQSE,QEMSVIQTVIWEKPSFEP
GSQVIGIMXEHI&7FMPLcIW
YQWEPXSHI TSWMdcIW3KVYTS
JVMKSVf’GS.7XIZIIZSPYdeSEMRHE
QEMW WMKRM’GEXMZE HI GSPSGE
dcIWTEWWERHSHSPYKEVRSERS
TEWWEHS TEVE S GSQ JEXYVE
QIRXSHI&7FMPLcIW%&P
XVETEV0SPHMRKWWYFMYHSTEVE
S GSQ JEXYVEQIRXS HI &7
FMPLcIWWIRHSEWhXMQEIP
XMQE FVEWMPIMVEUYI’KYVE IRXVIEW
QEMSVIWGSQTERLMEWHSQYRHS
'?!"0 6
HI HIWIQTVIKS WYFMY HI TEVE S QEMSV RfZIP HIWHI
1#
6
HI IQFVSHI
E
+@R)MEWXEHS
3 (SD .SRIW XIVQMRSY E
%T*W ZgVMSW HEHSW TSWMXMZSW WI\XEJIMVEGSQTIVHEHI
HS QIVGEHS HI XVEFEPLS RSVXI ESWTSRXSW37C4VI
EQIVMGERS ES PSRKS HE WIQERE GYSY ESW TSRXSW
SW MRZIWXMHSVIW IWTIVEZEQ UYI S I S EWHEU IRGIVVSY S HME GSQ
TE>VSPPHINYRLSHMZYPKEHSRIWXE VIXVEdeSHIESW
-,
E)YVSTEKERLEVEQ
WI\XEJIMVEW*GSR’VQEWWIEXVENI
X*VME1EWEGSRXIGIYSGSRXVgVMSI JSVdEVYQSVIWHIUYISQMRMWXVS
EWFSPWEWGEfVEQ%XgPMEXEQFhQ HEW $MRERdEW +MYPMS 8VIQSRXM
KERLSYSRSXMGMgVMSIJSMYQTSRXS IWXEVMETIVXSHIVIRYRGMEVESGEV
EHMGMSREP HI IWXVIWWI% SZIWTE KSET*WXIVGVMXMGEHSSTVMQIMVS
XIZI TSYGEW EdcIW IQ EPXE IRXVI QMRMWXVSMXEPMERS7MPZMSIVPYWGS
EWUYEMWIRZSPZMHEWIQRSXMGMgVMSW RM IQ IRXVIZMWXE TYFPMGEHE TSV
YQNSVREPPSGEP%WFSPWEWPgXEQ
HIEUYMWMdeSGSQSE+SP
% SZIWTE XIVQMRSY E WI\XE FhQ GEfVEQ HMERXI HE I\TIGXE
JIMVEIQFEM\EHIESW XMZEGSQEHMZYPKEdeSHSWXIWXIW
TSRXSW QIRSV RfZIPHIW HI IWXVIWWI RSW FERGSW TVIZMWXE
HI HI NYRLS TSR TEVEWIQEREUYIZIQ
%EZIVWeSESVMWGSUYITEYXSY
XSW
EWIQEREREUYEPGEMYIQ
UYEXVSHEWGMRGSWIWWcIWEGYQY SQIVGEHSI\XIVRSTY\SYEWGSQ
PSY TIVHE HI S QW E QSHMXMIWTEVEFEM\S
E
>QI\S
UYIHEh HI I RS ERSHI GSRXVEXS HS TIXV*PIS TEVE EKSWXS
IWXEWI\XESfRHMGIVI VIGYSYE&7SFEVVMP
S VEWMP 5EPI 3
TIVHIY
KMWXVSY TSRXSW I RE Qg\MQE SW TSRXSW 4
%4IXVSFVEW3
IWXgZIP3KMVS’RERGIMVSXSXE I4
+SP4
WYFMY
EQEMSVEPXEHSfRHMGIGSQ
PM SY6FMPLcIW
%WI\TIGXEXMZEWIVEQHIGVME E RSXfGME HI UYI E IQTVIWE IWXg
deS HI QMP ZEKEW IQ NYRLS RIKSGMERHSEEUYMWMdeSHE;IF.IX
81 4
[ I 3
RSW )&% QEW S (ITEVXEQIRXS
HS 8VEFEPLS HS TEfW HMZYPKSY [JSVEQEWIKYRHEIXIV
UYISRQIVSS’GMEPJSMFIQQI GIMVE QEMSVIW EPXEW %81 4EV
RSVHIQMP%PhQHMWWSEXE\E XMGMTEdcIW GSR’VQSY UYI WYE
WYFWMHMgVME 81 'IPYPEV ’VQSY
GSQE'SQTERLMEVEWMPMEREHI
)RIVKME I GSQ E%)7 )PTE GSR
XVEXSTEVEGSQTVEHEXSXEPMHEHI
HEW UYSXEW HE)PIXVSTEYPS8IPI
GSQYRMGEdcIW %)7%XMQYW 74
I HEW EdcIW HI IQMWWeS HE%)7
'SQQYRMGEXMSRW6MSHI.ERIMVS
%)7 %XMQYW 6. GSRXVSPEHEW
VIWTIGXMZEQIRXI TIPE VEWMPME
REITIPE%)7)PTE
*=& 3 H*PEV / ZMWXE JI
GLSYGSQKERLSHIGSXE
HSE6RSFEPGeS
EWI
QEREEQSIHEEGYQYPSYEPXEHI
- IQ NYPLS EZERdE QEW RS ERS EMRHE GEVVIKE TIV
HE HI E 1C$ S H*
PEV TVSRXS XIVQMRSY IQ EPXE HI
E63KMVS’RER
GIMVSREGPIEVMRKHIG"QFMSEXh
LWSQEZE&7FMPLeS
WIRHS&7FMPLeSIQ([
SQIVGEHSJYXYVSRSQIWQS
LSVgVMSEGMQESH*PEVTEVEEKSW
XSHIWYFMETEVE6
GSQYQZSPYQI’RERGIM
VSHI&7FMPLcIW
E SJIVXE HI WDET VIZIVWS
RIWXE WI\XEJIMVE E TVMQIMVE
HIWHI HI EFVMPUYI ReS WI VI
JIVI E VSPEKIQ HI ZIRGMQIRXSW
WIKYRHS S ERGS 'IRXVEPJSVEQ
SJIVXEHSW QMP GSRXVEXSW XSXE
PM ERHSGIVGEHI &7 FMPLeS
GSQXVWZIRGMQIRXSWHMJIVIRXIW2
QMPTEVEBB-QMPTEVE
BB-IQMPTEVEBB
3 ' RS IRXERXS EFWSVZIY
WSQIRXI GIVGE HI YQ XIVdS HE
SJIVXERYQXSXEP HI &7 QMPLcIW QSWXVERHS KVERHI VI
NIMdeS /W XE\EW TIHMHEW TIPEW
MRWXMXYMdcIW TEVXMGMTERXIW .g
REW GSQTVEW / ZMWXE S ' HI
’RMY EW XE\EW HI GSVXI IQ 6
I6
)Q SZE ]SV9 /W L S
IYVS VIGYEZE E &7 HI
&7 RS ’Q HE XEVHI HI
SRXIQ 3 H*PEV ZEPME MI
RIW HI MIRIW SRXIQ I
GEfE E JVERGS WYfdS HI
JVERGSWYfdSREZhWTIVE
%S XhVQMRS HE RI
KSGMEdeS RSVQEP RE 1C$ S
( SYXYFVS GSRXVEXSW
TVSNIXEZE HI RE UYMRXEJIMVE TVIGM’GERHS S
EYQIRXS HE TVSFEFMPMHEHI HI
YQ RSZS ENYWXI HI TSRXS
TIVGIRXYEP RE 7IPMG IQ EKSWXS
3 ( NERIMVS HI GSRXVEXSWIWXEZEIQHI
I S ( NERIMVS HI GSRXVEXSW WIKYME IWXg
ZIPIQ
SWPSRKSWS(
NERIMVS HI GSRXVE
XSW ME HI TEVE I S ( NERIMVS HI GSRXVEXSWMRHMGEZEERXI
REZhWTIVE
IWXIRHMHS3I\IGYXMZSHMWWIUYI
S RSZS TVE S HIZI WIV ERYRGME
HSIQEKSWXSNYRXSGSQERSZE
TSPfXMGEHIXEVMJEWHESPWEUYI
XEQFhQZEMVIZMWEVEQIXEHIXIV
IQTVIWEWE QEMW PMWXEHEW RS
TVIKeSEXh
3TVIWMHIRXIHE1C$SZIWTE
TEVXMGMTSY RE QERLe HIWXE WI\XE
JIMVENYRXSGSQSNSKEHSV4IPhHS
PERdEQIRXSHSLSQIFVS9IV!6MGS
GSQZG#HEGSVVIXSVE3GXSJSVQE
HETSVI\W*GMSWHE<MR9
SIZIRXS
)HIQMVHIWXEGSYUYIESPWEGSQ
TPIXEIWXIERSERSWHIWIYTVS
KVEQE HI TSTYPEVM EdeS PERdEHS
TSV6EMQYRHS1EKPMERS)Q
LEZMEQMPTIWWSEWJfWMGEWGEHEW
XVEHEW%KSVEWeSQMP
!% SPWE RYRGE TIRWE RS GYV
XS TVE S h WIQTVI RS QhHMS I
PSRKS TVE SW# HMWWI S I\IGYXMZS
HIWXEGERHSUYISQSQIRXSReSh
JEZSVgZIPTEVESMRZIWXMHSVRESP
WE!3WNYVSWIWXeSQYMXSEPXSW%
TSYTERdEIWXgTIVHIRHSVIGYVWSW
TEVES8IWSYVS(MVIXS#3TVSNIXS
HE1C$SZIWTEWIKYRHSSI\I
GYXMZS GSRXMRYE WIRHS IHYGEV S
MRZIWXMHSV!%PYXEHEIHYGEdeS’
RERGIMVEGSRXMRYE#HMWWI)HIQMV
3TVIWMHIRXIHE1C$SZIWTE
)HIQMV 4MRXS HMWWI UYI E MRWXM
XYdeS UYIV XVE IV IQTVIWEW IYVS
TIMEWIEWMgXMGEWTEVEPMWXEVIQEUYM
(6WReSTEXVSGMREHSWVIGMFSWHI
EdcIWHIGSQTERLMEWIWXVERKIMVEW
(IRXVSHEIWXVEXhKMEHIMRGIRXMZEV
EWRIKSGMEdcIWGSQIWWIWTEThMWE
TEVXMV HI EKSWXS SW (6W ReSTE
XVSGMREHSWWIVeSPMWXEHSWRSTVIKeS
HESPWETEYPMWXE
%QIXEHE1C$SZIWTEhXIV
(6WHIIQTVIWEWIWXVERKIM
VEWEXhS’REPHSERS%XhEKSVE
W*GSQTERLMEWEQIVMGEREWGSQS
1MGVSWSJXI%TTPIXQIWWIWTE
ThMWREFSPWETEYPMWXE)HIQMVMR
JSVQEUYII\IGYXMZSWHESPWEIW
XeSZMENERHSTIPE)YVSTEI^WME
TEVEEGLEVIQRSZEWGSQTERLMEW
)WWIW(6WWeSGLEQEHSWHIReS
TEXVSGMREHSWTSVUYIWeSXVE MHSW
TEVE S VEWMP TSV FERGSW I ReS
TIPEWTV*TVMEWIQTVIWEW
EUYMRXEJIMVEESPWEMRMGMSYS
WI\XSTVSGIWWSHIGSRGSVVRGMETEVE
IRGSRXVEVYQEMRWXMXYMdeSHITSWMXg
VMEIQMWWSVEHIWWIWTEThMW3ZIRGI
HSVTSHIVgPERdEVTVSKVEQEWHI
(6WGSQPEWXVSIQEdcIWHIGSQ
TERLMEW EFIVXEW EQIVMGEREW 1EW
WIKYRHS )HIQMV EW TV*\MQEW GLE
QEHEWHIZIQMRGPYMVEWGSQTERLMEW
HEW SYXVEW VIKMcIW ERGSW GSQS
VEHIWGS'MXMXEI(IYXWGLIER9
Ng ZIRGIVEQ SYXVEW GSRGSVVRGMEW
TEVEPMWXEVIQSWTEThMW
%PMWXEKIQHSW6(WRSTVIKeS
ZEMSGSVVIVTSVQIMSHIQMKVEdeS
0SNI IWWIW TEThMW WeSRIKSGMEHSW
RSQIVGEHSHIFEPGeS4SVMWWSSW
(6W Ng PERdEHSW WIVeS QMKVEHSW
TEVEERSZETPEXEJSVQEIWIVeSRI
KSGMEHSWRSTVIKeSXVEHMGMSREPWI
KYRHS)HIQMV3I\IGYXMZSHIWXEGE
UYIRETVgXMGE ReSLgKVERHIHM
JIVIRdEHERIKSGMEdeSWIVJIMXERSW
HSMW WIKQIRXSW TVIKeS I FEPGeS
QEWEPMWXEKIQRSTVIKeSXIRHIE
HEVQEMSVZMWMFMPMHEHIESTETIP
3W(6WTSHIQWIVRIKSGMEHSW
TSVFERGSWJYRHSWHIMRZIWXMQIR
XS EHQMRMWXVEHSVIW HI GEVXIMVE
I GSRWYPXSVIW EYXSVM EHSW TIPE
'SQMWWeS HI 5EPSVIW 1SFMPMgVMSW
'51 8EQFhQ TSHIQ JE IV
TEVXI HEW GEVXIMVEW HEW IRXMHEHIW
JIGLEHEW HI TVIZMHRGME GSQTPI
QIRXEV I HI TIWWSEW JfWMGEW I NY
VfHMGEW GSQ MRZIWXMQIRXSW ’RER
GIMVSW WYTIVMSVIW E 6 QMPLeS
PEQMVSMPE
MSV
4
'
E
+@R)MEWXEHS
%4IXVSFVEWhEGSQTERLMEFVE
WMPIMVE QIPLSV GSPSGEHE RE PMWXE
ERYEP HEW QEMSVIW IQTVIWEW
HSQYRHSIPEFSVEHETIPEVIZMWXE
RSVXIEQIVMGERE!$SVXYRI#% IW
XEXEPFVEWMPIMVEHITIXV*PISETEVI
GIRE,TSWMdeSGSQJEXYVEQIR
XSHI&7FMPLcIWIPYGVS
PfUYMHSHI&7FMPLcIW
E
GSQTEVEdeS GSQ S VER9MRK ERXI
VMSVEGSQTERLMEIWGEPSYTSWM
dcIWNgUYIIQLEZME’KYVE
HSREPYKEV GSQJEXYVEQIRXS
HI&7FMPLcIW IPYGVSHI
&7FMPLcIW
% 4IXVSFVEW ETEVIGI EXVgW HI
HMZIVWEWSYXVEWKVERHIWIQTVIWEW
HITIXV*PISQYRHMEMWGSQS6S>EP
(YXGL 7LIPP <&+%6- )\\SR
1SFMP4-7MRSTIG+VSYT
- 'LMRE EXMSREP 4IXVSPIYQ
-'LIZVSR-8SXEP'S
RSGS4LMPPMTWI)
E PMHIVERdE HS VER9MRK
"0.@
E
+@R)MEWXEHS
%1C$SZIWTEZEMERYRGMEV
IQ EKSWXS YQE RSZE TSPfXMGE XE
VMJgVME 7IKYRHS S TVIWMHIRXI HE
MRWXMXYMdeS )HIQMV 4MRXS S SF
NIXMZShQYHEVEWGSRHMdcIWTEVE
S TIUYIRS MRZIWXMHSV &QE HEW
QIHMHEW UYI WIVeS ERYRGMEHEW
WIVgEMWIRdeSHEXE\EHIGYWX*HME
TEVE IWWI TFPMGS %W QYHERdEW
HIEGSVHSGSQSI\IGYXMZSIWXeS
HIRXVS HS TVSNIXSHIEXVEMV QEMW
TIWWSEWJfWMGEWTEVEESPWE
)HIQMVVIWWEPXSYUYIJEPXEHI’
RMVEMRHEUYIXMTSHITIWWSEJfWMGE
WIVg GSRWMHIVEHE TIUYIRS MRZIW
XMHSV 3 GSVXI WIVg JIMXS TSV ZEPSV
HIETPMGEdeSIQEdcIWQEWSQSR
XERXI EMRHEReSJSMHIGMHMHS4EVE
EXVEMVQEMWTIWWSEWJfWMGEWESPWE
TPERINE WMQTPM’GEV S GEHEWXVS HSW
MRZIWXMHSVIWIEMRHEHMWGYXIGSQEW
GSVVIXSVEW YQE WSPYdeS TEVE GVMEV
YQGEHEWXVSRMGSHIMRZIWXMHSVIW
.%1C$SZIWTEXIQ
GSQS QIXE GLIKEV E QMPLcIW
HITIWWSEWJfWMGEWEXh1EW
WIKYRHS)HIQMVSTVE STEVEWI
EPGERdEVIWWIQSRXERXIHIZIWIV
-IX S! EW\4EX& EQIRXSHI!MP7#IW
gXMZISTSVXYRMHEHIHIIWGVIZIVRIWWEGSPYREWIQEREP
WSFVISXV"QMXIHE%HMRUYITPIMXIMEEHIGPEVE
deSHIMRGSRWXMXYGMSREPMHEHIHSEVXHE14
BGYNEVIHEdeSHMWTcIUYITEVE’QHIHIXIVQMREdeS
HEFEWIHIGgPGYPSHS64.IHE'7<<SWPYGVSWEYJIVMHSW
TSVGSRXVSPEHESYGSPMKEHERSI\XIVMSVWIVeSGSRWMHIVEHSW
HMWTSRMFMPM EHSWTEVEEGSRXVSPEHSVESYGSPMKEHERSVEWMP
REHEXEHSFEPERdSRSUYEPXMZIVIQWMHSETYVEHSWREJSVQE
HSVIKYPEQIRXS%PhQHMWWSSTEVgKVEJSRMGSGSQTPIQIR
XE UYI SW PYGVSW ETYVEHSW TSV GSRXVSPEHESY GSPMKEHE RS
I\XIVMSV EXh HI HI IQFVS HI WIVeS GSRWMHIVEHSW
HMWTSRMFMPM EHSWIQHIHI IQFVSHIWEPZSWISGSV
VMHEERXIWHIWXEHEXEUYEPUYIVHEWLMT*XIWIWHIHMWTSRM
FMPM EdeSTVIZMWXEWREPIKMWPEdeSIQZMKSV
3WTVMRGMTEMWJYRHEQIRXSWNYVfHMGSWHETIXMdeSMRMGMEP
WeSFEWIEHSWWMRXIXMGEQIRXIRSGSRGIMXSGSRWXMXYGMSREP
HI VIRHE I RSW TVMRGfTMSW GSRWXMXYGMSREMW HE MVVIXVSEXM
ZMHEHI I HE ERXIVMSVMHEHI %HIQEMW EPIKE ZMSPEdeS ES
EVXHE'SRWXMXYMdeSTSVGEVIGIVE1IHMHE4VSZMW*VME
IQJSGSHIVIPIZ"RGMEIYVKRGMERSTSRXSUYIMRXIVIWWE
%%HMRJSMENYM EHEIQTSYGSWQIWIW
HITSMWHEIHMdeSHE14BHI3TVMRGM
TEPSFNIXMZSQIHMEXSHEEdeSFYWGESHMJIVMQIRXSHEXVMFYXE
deSIQFEWIWYRMZIVWEMWRSVEWMP%PhQHMWWSGEFIVIKMWXVEV
UYIHITSMWHIUYEWIYQEHhGEHEXVEQMXERHSEXIRHRGME
REXYVEPHEEdeShIWXEKREVWIJEGIESQSZMQIRXSUYIPLIJSM
TSWXIVMSVREQIHMHE IQUYISWJYRHEQIRXSWNYVfHMGSWHE
TIXMdeSMRMGMEPISTIHMHSIWXeSTSWXSWHIWHI
'SQ IJIMXS HIWHI IRXeS SFWIVZEQSW RS 4EfW YQE GVIW
GIRXIIEYWTMGMSWEMRXIVREGMSREPM EdeSHEWIQTVIWEWFVEWMPIM
VEWUYIIWXeSGSQTIXMRHSRSQIVGEHSQYRHMEP)QVIWYQS
TSHIQSWHM IVUYIE%HMRIWXg’GERHSGEHEZI QEMW
EREGViRMGE3TPIMXSHIHMJIVMQIRXSHEXVMFYXEdeSIQFEWIW
YRMZIVWEMWTSHIZMVEPMZVEVHEXVMFYXEdeSSWPYGVSWEYJIVMHSW
IQ TEVEfWSW ’WGEMW TIPEW
IQTVIWEW FVEWMPIMVEW TSV
I\IQTPS)ReSVIWSPZISY
+
XVS TVSFPIQE QYMXS QEMW
WhVMSMRGPYWMZIGSQVITIV
<
GYWWcIW RS GIRgVMS MRXIV
REGMSREPGSQSZIVIQSW
<"-/#
WWS ZMVME RE GSRXVE
QeSHSEXYEPQSZMQIRXS
!<
EWWMWXMHSIQXSHSSQYR
HS GMZMPM EHS GETMXERIE
# HS TIPE 3'() UYI XIQ
GEHE ZI QEMW TYKREHS
<*
TSV QEMSV XVERWTEVRGME
I JIGLERHS S GIVGS GSR
5=
!
XVETEVEfWSW’WGEMW
S78$LgHI ZSXSWTSW
<!>
WfZIMWRE%HMRNgUYI
S1MRMWXVS +MPQEV1IRHIW
!
IWXgMQTIHMHS TSVXIV EXY
EHSUYERHSIVE%+&6IW
<<
XEQ ETIREW UYEXVS ZSXSW
HSW 1MRMWXVSW 'EVPSW VMX
XS.SEUYMQEVFSWE'IPWS
HI1IPPSI'I EV4IPYWS
.g ZSXEVEQ RS WIRXMHS HE MRXIKVEP TVSGIHRGME HE
%HMRS1MRMWXVS1EVGS%YVhPMSEGSQTERLEHSTI
PSW1MRMWXVSW6MGEVHS<IDERHSDW9MI7ITPZIHE4IVXIR
GI
SWIRXMHSGSRXVgVMSESTPIMXSHE%HMRNgZSXEVEQE
1MRMWXVE)PPIR+VEGMI6IPEXSVEIS1MRMWXVS
IPWSR.S
FMQIWXIEGSQTERLEHSTIPS1MRMWXVS)VSW+VEY
3KVERHITVSFPIQEUYIWIGSPSGEEIWWEEPXYVEReSh
SUYIS78$HMVgRIWWINYPKEQIRXSQEWESGSRXVgVMSS
UYIIPIReSHMVg(IJEXSEPhQHEUYIWXeSVIJIVIRXIESW
TEVEfWSW ’WGEMW UYI ReS IWXg TSWXE EXh EKSVE RS NYPKE
QIRXSIQGYVWSSYXVEUYIWXeSERXEKiRMGEIMQTSVXERXI
VIQERIWGIWIQUYEPUYIVQIRdeSEXhSQSQIRXS8VEXE
WIHERIGIWWMHEHIMRGSRHMGMSREPHISFWIVZ"RGMEHSWXVE
XEHSW’VQEHSWTIPSVEWMPTEVEIZMXEVEHYTPEXVMFYXEdeS
HEVIRHEMRGMHIRXIWSFVIEWIQTVIWEWFVEWMPIMVEWUYIMR
XIVREGMSREPM EVEQWYEWEXMZMHEHIWISTIVEdcIW
'SQIJIMXSXEPGSQSEUYIWXeSIWXgWYFQIXMHELSNIES78$
GEFITSVTEVXIHE7YTVIQE'SVXIEXIRXEVTEVEEWGSRWIUYR
GMEWNYVfHMGEWUYIEHZMVeSHIWYEHIGMWeSRIWWIGSQTPI\SXIQE
$MPMEQSRSW/TVSTSWXEHIMRXIVTVIXEdeSGSRJSVQIE'SRWXMXYM
deSWIQVIHYdeSHIXI\XSHSEVXHE14BTIPE
UYEPIWWEVIKVE2WIVMEIPEPIKfXMQEUYERHSMRGMHIRXIWSFVIPY
GVSWEYJIVMHSWIQTEVEfWSW’WGEMW-QEWReSWIVMEPIKfXMQEREW
WMXYEdcIWSVMYRHEWHI TEfWIW GSQ XVMFYXEdeS GSRWMHIVEHERS
VEWMP!RSVQEP#ITEVESWTEfWIWGSQSWUYEMWSVEWMPXIRLE
’VQEHSXVEXEHSTEVEIZMXEVEHYTPEXVMFYXEdeSHEVIRHE
'SQMWWSXSHEEFEKYRdEPIKMWPEXMZEUYIMQTIVERIWWI
XIQEWIVMEVIGSPSGEHSRSWIYHIZMHSPYKEVHIQSHSUYIE
VIKVEHSEVXTSHIVME’REPQIRXIWIVGSRWMHIVEHEGSQS
PIKMWPEdeS'$'ITSVXERXSEVIRHESVMYRHEHSTEVEfWS’W
GEPWIWYFQIXIVMEEXVMFYXEdeSEYXSQgXMGE%SGSRXVgVMSE
VIRHESVMYRHEHSTEfWGSQXVMFYXEdeSRSVQEPWIVMEXVMFYXE
HEHIQERIMVEHMJIVMHEIEUYIPEWHSWTEfWIWGSQXVEXEHSW
SFWIVZEVMEQSUYIHMWTcIQVIJIVMHSWXVEXEHSWI\EQMREHSW
GEWSEGEWS%PMgWMWWSReSMQTPMGEIQUYEPUYIVRSZMHEHIO
%SGSRXVgVMShSUYISGSVVIIQXSHSSKPSFSXIVVIWXVI3
ZSXS HS 1MRMWXVS 'EVPSW VMXXS IWXg TVSRXS I S GEWS HIZI
VIXSVREV/TEYXEHS78$TEVEGSRXMRYEdeSHSNYPKEQIRXSE
TEVXMVHIEKSWXS4EVEUYIQXMZIVMRXIVIWWIIQETVSJYRHEV
SEWWYRXSGSRWYPXIDDDRIXMRXIVREGMSREPSVK
,&. % cHS&XS IQM IMXS-d!PM)S"IPERM8I WMHEHIHSWXEHSHSMSHI
ERIM S>?QIWX IIQM IMXS"IPERM8I WMHEHI(ZRHMHSIRHIW>(
?"[W+ EH&EHSI
)SQIW"I)MEPMDE.,SIQM IMXS- S)IWW&EP(SRWXMX&)MSREPRERM8I WMHEHHI&IRSW
M IW>
?
IREQIQ! SHIHM8I WEWEWWS)ME.#IWIMRWXMX&XSWE&XS HIHM8I WSWE XM+SWWS! IXIQEW
1& $HM)SWE&XS HSPM8 S9SH&PE.,SIQEXc ME/ M!&X0 ME\E +&QIRXS" E+Q0XM)SS&)SRWI
%&IR)MEPMWXEHI)&R7SI)SR6QM)SIEWHI)MW#IWHS/:>H3 A&E XMI EXMR ?IW[)MSHS
IW) MX[ MS
RH EHI
H8S+EHSW
WWS)MEHSW3