Lula signs MP that rates exclusive high-income funds and sends to Congress a project with taxation of offshore companies, says Planalto

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Texts provide for charging 15% to 20% on income from exclusive funds and taxation of amounts held by Brazilian residents in tax havens. Haddad says that taxing exclusive funds is not ‘revenge’ or ‘Robin Hood’ action President Luiz Inácio Lula da Silva (PT) signed this Monday (28) a provisional measure that creates a rate of 15% to 20% on income from exclusive—or closed-end—funds. The information is from the Planalto Palace. According to the government’s press office, Lula also sent a proposal to Congress to tax offshore calls (read more below). The taxation of exclusive funds, which are high-income funds, had already been announced by the government as a source of compensation for the increase in the income tax exemption range for taxpayers earning up to R$2,640 a month, approved by Congress and sanctioned by Lula. this monday. Exclusive funds are customized for the shareholder and, currently, tax is only payable when the application is redeemed. According to information released by Planalto, the text of the MP signed by Lula ends the single taxation on redemption. The measure determines that the charge will be made twice a year — the so-called “quota-eater”. The MP provides that the shareholder who decides to start the contribution later this year will be taxed at a rate of 10%. Planalto estimates indicate that 2,500 Brazilians have funds invested in so-called exclusive funds. There is a minimum investment requirement of R$ 10 million, with a maintenance cost of up to R$ 150 thousand per year. In total, the government says that the amounts invested add up to R$ 756.8 billion, equivalent to 12.3% of the funds in Brazil. With the new charge, the government expects to collect R$ 24 billion between 2023 and 2026. MPs have the force of law as soon as they are enacted, but, to become permanent legislation, they need Congressional approval within 120 days. President Luiz Inácio Lula da Silva during the ceremony to sanction the new minimum wage MP this Monday (28), at the Planalto Palace Reproduction/Canal Gov Offshores Lula also sent to Congress a bill that provides for annual taxation of capital invested abroad — in so-called offshores. The charge will be progressive from 0% to 22.5%. 🔎 To understand: Offshore is a word that means, in free translation, “beyond the coast” – something that is outside the territory of a country. In the case of companies, the term is given to a company opened by people, or even 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$50,000 per year: 15% rate for individuals with income abroad of more than BRL 50,000 per year: 22.5% rate Currently, capital invested abroad is taxed only when redeemed and remitted to Brazil. “The results accumulated by entities abroad until December 31, 2023, before the entry of the new taxation rule, will be taxed only at the time of effective availability to the individual”, says a note released by the Treasury. The government estimates that more than R$ 1 trillion in Brazilian resources is invested abroad. According to the Ministry of Finance, the new charge could raise around R$ 7 billion per year until 2026. In a ceremony at the Planalto Palace, this Monday, the Minister of Finance, Fernando Haddad, defended the measure. “What we are taking to Congress for consideration, with great consideration, respect and partnership, is to bring our tax system closer to the most advanced in the world. […] We are looking at the best best practices from around the world and trying to establish and approach what makes sense from the point of view of social justice”, he said. offshores — a company opened by people, or even by other companies, in a country other than the one in which they reside or are registered. The initiative was edited through an MP, but was resisted by Congress and was discarded. approval of the new minimum wage and the new Income Tax exemption, Planalto gave in and agreed to send a bill on the subject — which has now been made official. The bill was sent to Congress under a constitutional urgency regime. measure means that the Chamber has up to 45 days to vote on the proposal. Afterwards, the Senate will have another 45 days for the analysis. If in that period the parliamentarians do not complete the vote, the project will be locked on the agenda — that is, nothing may be voted on prior to its consideration.

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