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Congress Approves Bill To Tax Offshore & Exclusive Funds

BRAZIL
  • Brazil’s congress passed legislation creating new taxes on the country’s richest, a boost for the administration’s efforts to bring in the additional revenue needed to hit his government’s zero-deficit target in 2024. Senators voted Wednesday to approve the bill to tax offshore and exclusive funds that only wealthy individuals have access to. The lower house of congress voted in favour of the bill in October, and it can now be signed into law.
  • Itaú estimate an increase in tax collection of around BRL32 billion and BRL7 billion from the taxation of exclusive and offshore funds, respectively. However, they note there is a high level of uncertainty regarding these estimates, as the outcome depends on the behaviour of investors. Now, attention turns mainly to the proposal limiting companies’ ability to deduct state-level tax breaks from the calculation base for federal taxes, the so-called "subvention bill”, which is being discussed in the Lower House and is also significant for the government’s fiscal plan.
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