The Provisional Measure No. 1.303 (MP)\u00b9, published in a special edition of the Brazilian Federal Official Gazette on June 11, brings comprehensive restructuring of taxation on financial investments, investment funds, virtual assets, and securities lending operations. Its main proposals aim to: align the Brazilian system with international models, expand the tax base, and correct long-standing distortions in the current regime.<\/p>\n
Key points and practical effects of the MP:<\/p>\n
The first major impact is the unification of Income Tax rates, now set at 17.5% for individuals. This rule applies to income from financial investments, stock market operations, and investment funds. This change eliminates the previous regressive tax table and differentiation between asset types.<\/p>\n
The MP also ends tax exemptions previously applicable to instruments such as LCI (Real Estate Credit Bills), LCA (Agribusiness Credit Bills), CRI (Real Estate Receivables Certificates), CRA (Agribusiness Receivables Certificates), and incentivized debentures\u00b2, which will now be taxed at 5% for new issues. Additionally, the measure allows loss compensation between different types of investments, which was previously restricted to specific investment categories.<\/p>\n
Furthermore, the new measure addresses cryptocurrencies in detail, treating them as formal financial investments, even when stored outside brokerages. Consequently, operations with digital currencies, tokens, and decentralized arrangements will be taxed following the same logic as other investments, with specific rules for loss calculation and compensation.<\/p>\n
Another noteworthy point concerns securities lending operations, such as stocks and fund shares, as the MP regulates the reimbursement of proceeds to original investors and defines the borrower’s responsibility for tax withholding and collection, based on the nature of the reimbursed income.<\/p>\n
Regarding foreign investors, the MP generally equalizes taxation with that applied to Brazilian residents. There are exceptions for specific cases, such as investments under special regimes or exempt structures. The conversion of investment modalities will now have its own rules, which may require adjustments to existing asset structures.<\/p>\n
Final considerations:<\/p>\n
In essence, MP No. 1.303\/2025 modifies the fundamentals of the Brazilian financial market’s tax system by equalizing treatments, eliminating opportunities that benefited complex structures, and transferring part of tax compliance responsibility to intermediaries, managers, and platforms. Although the general tax rate hasn’t increased, the scope of the new rules creates immediate impact on portfolios, exclusive funds, and instruments previously used for tax efficiency.<\/p>\n
The text is already in effect, but its conversion into law still depends on approval by the Brazilian National Congress. As usual, the legislative process may bring adjustments; meanwhile, the market must prepare, both operationally and legally, to adapt structures and strategies to this new reality.<\/p>\n
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Notes<\/p>\n
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\u00b9 MP (Medida Provis\u00f3ria): A temporary act issued by the Brazilian President with immediate force of law<\/p>\n
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\u00b2 These are Brazilian financial instruments commonly used in real estate and agribusiness sectors, previously tax-exempt to encourage investment in these areas<\/p>\n","protected":false},"featured_media":12464,"template":"","categories":[82],"class_list":["post-12466","publicacoes","type-publicacoes","status-publish","has-post-thumbnail","hentry","category-notes"],"acf":[],"yoast_head":"\n