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New Provisional Measure Published in June 2025 Changes Rules for Income Tax on Fixed Income, Stocks, Investment Funds, Crypto, and Investments Abroad, and May Affect Millions of Investors in 2026
The Provisional Measure 1.303/2025 promises to revolutionize the way Brazilians pay taxes on their investments. With new rules that change rates, exemptions, and loss compensation periods, the proposal may directly impact those who invest in LCI, LCA, Treasury Direct, CDB, stocks, real estate funds, Fiagro, and cryptocurrencies. The changes expected for January 2026 raise a series of questions and require increased attention from investors.
The government’s proposal still needs to be approved by Congress, but it is already generating strong repercussions in the market. The main justification would be to increase revenue to balance public accounts. However, experts warn that the MP may create distortions and even reduce the attractiveness of very popular investments. In this article, we explain in detail what changes for each type of asset and how to prepare not to be caught by surprise.
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End of Regressive Table and Single Rate of 17.5% Concerns Fixed Income Investors
Currently, investments such as Treasury Direct, CDBs, and debentures follow a regressive income tax table, starting at 22.5% and decreasing to 15% based on the investment period. The government’s proposal is to abolish this table and establish a single rate of 17.5%.
In practice, investors who remain invested for more than two years and currently pay only 15% will be penalized. Conversely, those who invest for less than 180 days and previously paid 22.5% will benefit. The simplification of the system was viewed positively by some analysts, but many long-term investors felt the impact.
Additionally, the MP creates the possibility of offsetting losses in fixed income, which did not exist before. However, this benefit will be limited to five years. After that, the loss cannot be used to offset profits anymore.
Another controversial point is the 5% taxation on the income from LCI, LCA, CRI, CRA, and incentivized debentures, which were previously exempt. These investments have always been popular among more conservative investors precisely because of their exemption, which is now under threat.
The only investment that will remain completely exempt from taxes is the savings account, whose returns, however, tend to be lower than inflation.
Changes in Stocks: Equal Rates for Day Trade and Common Transactions and End of Monthly Exemption
In the stock market, the proposal also significantly alters the current rules. The tax rate will be unified at 17.5%, applying to both common transactions and day trades, eliminating the differentiation of 15% and 20%, respectively.
Moreover, the calculations, currently done monthly, will shift to quarterly, which may make life easier for some investors but requires more planning. The offsetting of losses will also now only be valid for five trimesters, a significant setback compared to the current indefinite period.
The exemption on sales with profits of up to R$ 20 thousand per month will be replaced by a limit of R$ 60 thousand per quarter, which practically does not change the ceiling but alters the control. Many investors who currently do not need to declare income tax due to this exemption will now be required to report to the tax authorities.
Another point that directly impacts the profitability of those investing in companies is the increase in the tax rate on interest on equity (JCP), which will rise from 15% to 20%. Income received from stock lending will also see an increase, going from 15% to 17.5%.
Real Estate Funds and Fiagros Lose Attractiveness With New Tax on Dividends
Currently, FIIs and Fiagros are exempt from income tax on dividends for individual investors, provided they meet criteria such as having more than 100 quotaholders and shares traded on the stock exchange.
With the new MP, these dividends will be taxed at 5% at source, and at 17.5% for funds with concentrated quotaholders or family control. The change is significant, as these funds are sought precisely for their monthly payments and exemption from dividends.
On the other hand, the income tax on capital gains from the sale of shares will be reduced from 20% to 17.5%. Even so, the cut does not compensate for the loss of exemption on dividends, according to analysts. The greater concern is that FIIs may lose competitiveness compared to other investments with monthly returns.
It is worth noting that the new rule will only apply to shares acquired from January 2026. Those who purchase before will still be entitled to the exemption, which may create a rush of investors in the coming months.
Cryptocurrencies and Investments Abroad Also Targeted by the Federal Revenue Service
Those investing in cryptoassets will also be affected. Currently, there is an exemption of up to R$ 35 thousand per month on sales, with a progressive tax rate from 15% to 22.5% for gains above that. The new proposal eliminates this exemption and unifies the rate at 17.5%.
The change particularly harms small investors, who used this limit to realize profits without paying income tax. Conversely, large investors who previously paid up to 22.5% will benefit from the lower rate.
The offsetting of losses with cryptoassets will also be permitted, valid for five trimesters. However, it will be separated from other asset classes, making efficient use of these losses more challenging.
Investments abroad, such as foreign stocks and ETFs, will also face new rules. The tax rate will rise from 15% to 17.5%, and those investing through offshore in tax havens may pay up to 25% in income tax.
Investors Prepare and Congress Signals Resistance to MP 1.303/2025
Although the MP has immediate legal force, its changes can only take effect in 2026, due to constitutional requirements. The proposal will still undergo processing in Congress, where it may be altered or even rejected.
The President of the Chamber of Deputies, Arthur Lira, has already indicated that the political climate is unfavorable to tax increases for revenue purposes. Lawmakers from the agricultural and real estate sectors promise to act strongly to protect FIIs, Fiagros, and incentivized debentures.
Experts and finance influencers warn that some of these changes may be reversed or altered. However, other points may remain and change the tax landscape of the capital markets in Brazil permanently.
For investors, the best strategy is to closely follow the news, evaluate the impacts on their portfolios, and seek professional guidance to make more informed decisions by 2026.
If you invest or intend to invest in fixed income, stocks, funds, or cryptocurrencies, share this article with friends and family so that more people are informed. Leave your comment below with your opinion on the changes and let us know how you plan to adapt.
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