2,500 investors with BRL 756.8 billion in assets: understand what are the exclusive funds that the government wants to tax

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Government must submit changes to the tax on exclusive funds in the 2024 Budget, which must be evaluated by the National Congress in August. Understand what are the exclusive funds that the government wants to tax The Minister of Finance, Fernando Haddad, announced on Wednesday (19) that he must send to Congress a project to tax exclusive funds, also known as “funds of the super-rich”. As revealed by columnist Julia Duailibi in April, the rule is part of a series of measures to increase public revenue and make the fiscal framework viable. The government estimates that it will collect around BRL 10 billion from taxation — 8.54% of the expected increase with these measures, of BRL 117 billion. Exclusive funds are investments made in a personalized way. And to have this investment model it is necessary to disburse at least R$ 10 million. This is because the shareholder — who can be an individual or a legal entity — is solely responsible for funding its creation and maintenance. The manager of these funds can allocate the money in products such as stocks, hedge funds or fixed income. Minister Fernando Haddad Ueslei Marcelino/Reuters According to the survey carried out by TradeMap, 2,568 exclusive funds with a single shareholder were registered until last Tuesday (18), totaling approximately BRL 756.8 billion invested — an amount that represents 12.3% of the total equity of the entire fund industry and an average of BRL 294.7 million per investor. In addition to the significant participation in the industry’s total, the amount allocated in this type of portfolio is also more than six times greater than the total resources invested in public securities. The latest available data indicate that, in May, 2.2 million investors allocated resources in the Direct Treasury, totaling R$ 116.1 billion — in this case, an average of R$ 52.7 thousand per investor. In savings, the balance in May was R$ 961.5 billion. According to the Credit Guarantee Fund (FGC), there were 240.3 million customers, including individuals and companies. Exclusive funds x Direct Treasury Arte/g1 Are exclusive funds taxed? Although exclusive funds pay income tax on earnings, this charge only occurs at the time of redemption. The incidence of IR on the fund, in turn, happens through the regressive table — which means that the longer the resources are allocated in the portfolio, the lower the rate paid by investors, until it reaches a floor. As signaled by the government, the idea is that these exclusive funds are taxed in the same model as most open portfolios on the market, through a semi-annual periodic charge — also known as “quota eaters”. Normally, this charge always takes place on the last working day of May and November and the amount is levied at 15% for long-term funds and 20% for short-term funds. In this case, the investor only pays the difference in the amount of tax due and not yet charged upon redemption. The proposal to change the taxation of the funds of the “super-rich” is not new: the discussion has been going on since 2017, still in the government of Michel Temer, and was included by the former Minister of Economy, Paulo Guedes, in the tax reform project sent to Congress in 2021. The topic, however, did not advance. Who are these investors? Despite the fact that data on exactly who these investors are is restricted, specialists indicate that there is a predominant profile among those who allocate resources in these portfolios. “[As carteiras] they may have more or less risk, but certainly this fund has unique characteristics in term, liquidity and profitability, which are structured with a specific objective and made precisely for those investors who have greater financial capacity”, says FIA Business School professor Carlos Honorato. The expert also points out that the main reason why these investors opt for exclusive funds is related to asset protection and profitability. “The allocation of these resources is basically aimed at forming a value preservation portfolio [ínvestido] and even earnings above inflation”, says the professor. “To a certain extent, these funds are made not only for [o investidor] pass on an inheritance necessarily, but also create a way for that wealth, inheritance or value attributed to the fund in general to have a higher return than the average”, adds Honorato. When should the change happen? With the Ministry of Finance’s announcement to increase collections to make the fiscal framework viable, the ministry designed several measures to increase revenue. One of them — which will remain for the second half of the year — is the taxation of exclusive funds. Fernando Haddad said this Wednesday that the portfolio will submit changes to the taxation of exclusive funds in the 2024 Budget for consideration by the National Congress in August. In an interview with journalists at the Ministry’s headquarters, Haddad said that the changes must be sent to Congress through a bill.

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