New tax law on exclusive and offshore funds generates R$3.9 billion for public coffers
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247 – The Brazilian Federal Revenue reached a significant revenue of R$3.9 billion in December 2023, coming from the taxation of exclusive and offshore funds belonging to the super-rich. The information was released by the Federal Revenue Secretary, Robinson Barreirinhas, who highlighted the unprecedented contribution of individuals who, often, had never paid Income Tax.
“People who have never paid income tax often had this opportunity to contribute to the treasury for the first time and will continue in other years”, stated the secretary.
The measure, one of the Lula government’s main fundraising initiatives to achieve the goal of zeroing the fiscal deficit, is estimated to increase revenue of up to R$30 billion by 2026, highlights the newspaper Correio Braziliense. The Minister of Finance, Fernando Haddad, supported the approval of the law as a crucial step to promote tax justice.
“We are having a good and important income tax collection related to the income from gains in these closed-end and offshore funds”, celebrated Barreirinhas.
CONTINUES AFTER RECOMMENDATIONS
The secretary announced that data for January will be revealed along with other taxes on the day the Federal Revenue Service’s monthly report is released.