The recent approval of a text in the Chamber of Deputies brought significant changes to investment funds in Brazil.
One of the most notable changes is the elimination of the requirement that equity funds be classified as investment entities , with discretionary management and assets effectively traded on the stock exchange, in order to avoid the so-called "come-quotas" , a semi-annual tax.
This change could have important implications for equity investors, particularly those who organize their resources through exclusive funds.
If Bill 4173 is approved by the Senate, maintaining the portion of shares under the structure of a closed multimarket will incur periodic taxation from 2024 onwards. This has led some investors to consider separating previously grouped assets, such as investment funds. shares , participations in companies (FIP) and receivables (FIDC) , in order to avoid "quota-eating".
However, this approach may result in the loss of the ability to offset losses between different asset classes.
Long-term investors can benefit from tax deferral , postponing tax payments until the assets are actually sold.
The rules for closed-end equity funds were aligned with condominium portfolios open to the general public, requiring that at least 67% of the fund's portfolio be made up of eligible stocks and assets . These changes aim to ensure that the funds meet the necessary requirements to avoid “quota-eating” .
In short, in open-ended equity funds, tax is only paid at the time of redemption, at a rate of 15%. Anticipating tax on an unrealized gain that could turn into a later loss would be a distortion , especially in investments with high volatility or long maturation periods.