Senate Committee approves project that taxes investments abroad and exclusive funds

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Text goes for analysis in the main plenary of the House. The proposal is part of the government’s package of measures to increase revenue in 2024. The Senate’s Economic Affairs Committee (CAE) approved this Wednesday (22) the project that provides for the taxation of offshore companies (investments abroad) and funds exclusive investment options for high-income people (understand below). The text will go to vote in the main plenary of the House. The proposal is part of the economic package of the Minister of Finance, Fernando Haddad, to increase revenue in 2024. The ministry estimates that it will be possible to collect around R$20 billion from taxes. The amount is considered essential by the government for the Union to reach the target established by Haddad of zero deficit in public accounts next year. In his opinion, senator Alessandro Vieira (MDB-SE), stated that the new rules for taxing these investments are important to “equate Brazilian legislation with that of the main economies in the world”. Vieira also pointed out that the text is “in line with international recommendations, including those of the Organization for Economic Cooperation and Development (OECD)”. “This measure is important to adapt the regulation of these operations to international standards,” he said. Chamber approves PL on taxation of exclusive funds and offshores Offshores The proposal approved by the CAE changes the taxation of profits from offshores — income obtained outside Brazil, through financial investments or companies abroad. Currently, taxation only occurs when the profit obtained from investments abroad is transferred to individuals in Brazil. In other words, if the person decides to keep the resources abroad, taxation may be postponed or never happen. With the project approved, taxation will be done once a year, on December 31st, and will be 15% — a percentage lower than what the government desired and what was foreseen in the first version of the rapporteur, which could reach 22, 5%. Exclusive funds Exclusive funds are personalized for each shareholder and, currently, tax is only payable when the application is redeemed. As in the case of offshore companies, the redemption can be postponed with the intention of postponing tax payment. According to the project, taxation of exclusive funds will be carried out twice a year, every six months — the so-called “come-quotas”, which is already applied today to other types of funds. According to the approved text, the rate will vary depending on the duration of investments: 15% in the case of long-term funds and 20% in the case of short-term funds – up to one year or less.

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