The Senate Economic Affairs Committee (CAE) postponed this Tuesday the vote on a bill that changes the way exclusive and offshore funds are taxed, following a request for opinion from the opposition.
The project, which is part of the government’s efforts to improve revenue collection, was presented to the CAE on Tuesday by Senator Alessandro Vieira (MDB-SE), rapporteur of the proposal. Immediately afterwards, the opposition leader, Rogério Marinho (PL-RN), asked for an opinion.
The opposition’s intention was for the vote on the issue to be held next week, but government leaders in the Senate, Jaques Wagner (PT-BA), and in Congress, Randolfe Rodrigues (no party-AP), warned that according to the regiment, the consultation should last only 24 hours because the proposal is being developed under an emergency regime.
According to the rapporteur, the proposal aims to “provide legal certainty by establishing guidelines for the taxation of investments in investment funds in the country and income received by natural persons resident in the country in financial investments, controlled entities and trusts abroad”.
Vieira explained that the text of the project, already analyzed by the Chamber of Deputies, incorporates provisions and consolidates existing rules on the taxation of income deriving from investments in investment funds in the country, as well as improving the legislation.
The senator also argued that the text unifies the tax treatment reserved for private dividends or capital gains.
Income from capital invested abroad must be itemized in the Annual Adjustment Statement and will be subject to a 15% tax rate.
In the case of investments made by companies controlled abroad, the so-called offshore, there will also be a change in the tax regime. An income tax rate of up to 27.5% is currently applied, which can be deferred indefinitely if assets are held overseas. The project establishes that owners of offshore companies will have to declare them, starting from 2024, and calculate the profit of the legal entity, subject to 15% taxation.
“This measure is essential to reduce the tax deferral entailed by the offshore structure in tax havens,” assessed the rapporteur.
The proposal also aims to regulate trusts, which will now be recognized under national tax law. For Vieira the text fills “an important gap in the Brazilian legal system”.
Source: Terra
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