Project that taxes investment in offshore companies should be processed by the CAE, says senator Randolfe – News of Brazil
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Project that taxes investments by individuals abroad and advance tax on closed-end funds in Brazil must be processed by the Economic Affairs Commission (CAE). The information was given by Senator Randolfe Rodrigues (Rede-AP), government leader in the National Congress, after a meeting of leaders with the president of the Senate, Rodrigo Pacheco. According to Randolfe, Bill (PL) 4,173/2023 is fundamental to the “government’s fiscal effort” to comply with fiscal rules and targets. The proposal for the Union Budget for 2024 foresees a zero deficit. With the new taxation, the government would increase its revenue.
“Pacheco and other leaders committed themselves, when this project arrived, to forward it to the CAE, designate a rapporteur and seek to approve this project before the deadline for the provisional measure, which is mid-November. In addition to this project, we want to advance the project on betting [PL 3626/2023, que regulamenta e tributa apostas esportivas]”said Randolfe.
According to PL 4,173/2023, approved this Wednesday (25) in the Chamber of Deputies, taxation will occur on income from financial investments, profits and dividends from entities controlled abroad (offshore) owed to holders and income and gains from capital of assets incorporated into trusts. This taxation has already been the subject of another MP (1,171/2023), whose validity period has ended.
In the part that regulates taxes on closed-end funds, the project incorporates excerpts from the Provisional Measure (1,184/2023), which will be in force until February 4, 2024. Closed-end funds are those formatted for holders of large capital (above R$10 million) and account for around R$530.7 billion distributed among 16,194 individual shareholders, with each fund having the participation of up to 20 shareholders.
National Congress
Randolfe also stated that the National Congress must hold at least four more sessions at the end of the year. According to the senator, on November 9th there will be sessions to consider vetoes from the President of the Republic, which already total 35. According to him, the budget laws will have as many sessions as necessary.
In addition to the session on the 9th, at the end of the year we will have another session of Congress to exhaust vetoes that are on the agenda. And at least two more sessions to vote on the Budget Guidelines Law [PLN 4/2023] and Annual Budget Law [PLN 29/2023]. We will hold, with Pacheco’s agreement, as many sessions as necessary to conclude the year with the vote on the LDO and LOA.
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