Haddad says taxing ‘super-rich’ and offshore funds is not ‘revenge’ or ‘Robin Hood’ action

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Minister of Finance defended proposals made official by President Lula this Monday. According to him, the measures aim to bring Brazil closer to international ‘best practices’ and ‘social justice’. Haddad says taxing super-rich funds is not ‘revenge’ or ‘Robin Hood’ action The Minister of Finance, Fernando Haddad, defended this Monday (28) the taxation of exclusive funds — also known as “super -rich” — and offshore calls. According to him, the measures made official by the Planalto are not a “revenge”. The statement was made during a ceremony in Planalto for the sanction of the provisional measure that updated the minimum wage and the range of exemption from Income Tax. On the occasion, President Luiz Inácio Lula da Silva (PT) also signed an MP to tax the funds of the “super-rich” and forwarded to Congress a proposal to establish a new charge for offshore companies (understand more below). “A lot of times, I see, in the press, this being treated as a sort of ‘Robin Hood’ action, a rematch, a… And it’s not like that at all, it’s not like that at all. What we’re considering of Congress, with great consideration, respect and partnership, is to bring our tax system closer to the most advanced in the world”, said Haddad. The character Robin Hood, mentioned by Haddad, is part of English folklore. In the stories, Hood steals goods from the richest to give to the poor. The minister stated that the measures announced by the government are based on “best practices from around the world” to achieve social justice. According to Fernanda Haddad, the proposals aim to contribute to the sustainable development of Brazil in three dimensions: fiscal, social and environmental. “Here there is no feeling other than that of social justice. There is no other that guides the actions of President Lula’s government”, she added. What the projects say The initiatives defended by Haddad were signed by Lula this Monday: provisional measure that creates a rate of 15% to 20% on income from exclusive funds — or closed bill to Congress that provides for annual taxation of capital income applied abroad — in offshore calls —, with progressive charging from 0% to 22.5% ▶️ Taxation of the “super-rich” funds The taxation of exclusive funds had already been announced by the government as compensation for the increase in the exemption from the Income Tax Income for taxpayers earning up to R$2,640 a month, approved by Congress and sanctioned by Lula this Monday. Exclusive funds are also known as “super-rich” funds. They are made in a personalized way for the shareholder and, currently, have tax payment only when the investment is redeemed. According to information released by Planalto, the text of the MP signed by Lula ends the single taxation on redemption. The measure determines that the collection will be carried out twice a year — the so-called “quota-eater”: 15% rate: applied to all funds, regardless of the classification and composition of the portfolio 20% rate: applied to short-term funds term MPs have the force of law as soon as they are edited, but, to become permanent legislation, they need approval from Congress within 120 days. ▶️ Taxation of offshores President Lula also sent to Congress a bill that provides for annual taxation of capital income applied abroad – in offshore calls. The charge will be progressive from 0% to 22.5%. Offshore is a company opened by people, or even by other companies, in a country other than the one in which they reside or are registered. According to the Ministry of Finance, the charge will work as follows: individual with income abroad of up to R$6,000 per year: 0% rate individual with income abroad between R$6,000 and R$50,000 per year: 15% rate for individuals with income abroad of more than BRL 50,000 per year: 22.5% rate Currently, capital invested abroad is taxed only when redeemed and remitted to Brazil. “The results accumulated by entities abroad until December 31, 2023, before the entry of the new taxation rule, will be taxed only at the time of effective availability to the individual”, says a note released by the Treasury. The project will be forwarded to Congress under a constitutional urgency regime. The measure gives the Chamber up to 45 days to vote on the proposal. Afterwards, the Senate will have another 45 days for analysis. If within this period the parliamentarians do not complete the vote, the project will be locked on the agenda — that is, nothing can be voted on before its appreciation.

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