Government tightens rules against tax havens in PL on capital markets

Government tightens rules against tax havens in PL on capital markets
Government tightens rules against tax havens in PL on capital markets
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The bill that the president’s government Luiz Inácio Lula da Silva (PT) prepares to forward to the National Congress, in the coming days, with measures aimed at the capital market should also bring mechanisms that tighten rules against so-called “tax havens”.

The text, to which the InfoMoney had access, maintains the exemption from charging Income Tax to investors resident or domiciled abroad on net gains obtained from the sale of shares and other financial assets on the stock market. To achieve this, however, investments must follow the regulations of the National Monetary Council (CMN) and the Securities and Exchange Commission (CVM).

Furthermore, the investor cannot be resident or domiciled in jurisdictions with favorable taxation – a term used in legislation to refer to “tax havens”, which today consist of locations that do not tax income or that charge at a lower maximum rate. to 17%.

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The new wording also seeks to improve the concept, including in the definition of “tax haven” jurisdictions in which information confidentiality is opposed, following the international trend of demanding more transparency.

Issues faced in the capital market in the past are also resolved, such as the inclusion of a country on the list of “tax havens” during an investment process. According to the new text, if a certain jurisdiction comes to be covered by this concept, the exemption for applications made in the period prior to the change of status is preserved.

The bill has already been sent by the Ministry of Finance to the Civil House and should be sent by the Planalto Palace to the National Congress in the coming days. The text aims to provide clear and simpler rules for measuring net gains obtained in operations carried out in the stock exchange and organized over-the-counter markets, consolidating rules that were already included in infra-legal regulation.

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The idea is also to correct alleged distortions, according to a source from the federal government’s economic team, without generating an increase in the tax burden and encouraging the entry of new entrants into the capital market.

International hedge

The bill under construction also makes new derivative contracts viable for the purpose of protecting price, index and currency risks (hedge) abroad by Brazilian companies.

In international hedging, losses are deductible when calculating IRPJ and CSLL and gains are remitted at a zero IRRF rate. Previously, these operations were required to be carried out on an exchange abroad. Now, the government’s idea is to apply the same tax treatment to contracts that are negotiated on the over-the-counter market, as long as they are registered and priced at market prices.

Source from the economic team heard by the InfoMoney He cited as an example the fact that, under the current rule, an exporting company that hedges the price of certain commodities could not count on the benefit (which scared away companies), since some movements needed to be made abroad in bilateral operations. The change should make the instrument more interesting for companies more exposed to international markets and help in the search for protection.

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The article is in Portuguese

Tags: Government tightens rules tax havens capital markets

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