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The new taxation proposed by the government could transform the investment landscape in Brazil, affecting profitability, financial planning, and asset choices. Understanding these impacts is essential for effective investment management, adapting strategies, and preserving gains.
Understand what the proposed changes are and the alterations in the tax rates for different investments, the effects of possible taxation on dividends, real estate funds, fixed income, and variable income, and how this affects financial planning and asset allocation.
This content is not an investment recommendation.
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Changes in Tax Rates for Different Investments
Recently, the federal government announced a package of tax measures that will replace the increase in the IOF (Tax on Financial Transactions). Among other things, the text provides for changes in the collection of Income Tax on various investments, such as CDBs (Certificates of Bank Deposits), LCIs (Real Estate Credit Notes), and LCAs (Agribusiness Credit Notes).
Among the main changes is the applicability of a 5% tax rate on investments that were previously exempt from Income Tax, such as LCI and LCA, and a 17.5% tax rate on the returns from investments that previously followed a declining tax schedule — the longer the money was invested, the lower the tax. This applies, for example, to CDBs.
The new measures were introduced through a Provisional Measure (MP) and a presidential decree, and it is estimated that the new rates will come into effect on January 1, 2026. However, it is worth noting that the text will be submitted for analysis by the National Congress and may undergo changes.
Effects of Taxation on Dividends and Real Estate Funds
Real estate funds and dividends, which were previously exempt from Income Tax, will undergo significant changes. In the case of profit from the sale of a real estate fund share, the Income Tax rate, which was 20%, will now be 17.5%. Dividends from the fund, which were previously tax-exempt, will now be taxed at 5% starting in 2026.
Changes in Tax on Fixed Income and Variable Income
Regarding fixed income, several investments will no longer be tax-exempt. In the case of LCI, LCA, CRI, CRA, and LH (Mortgage Letters), for example, there will be a 5% tax rate. For Treasury Direct and CDBs, which previously followed a declining tax schedule, there will be a unified rate of 17.5%.
In the case of variable income, such as stocks, there will also be changes. Currently, sales transactions up to R$ 20,000 are tax-exempt, and beyond that amount, the rate is 15% on profits from swing trading (buying and selling on different days) and 20% on profits from day trading (buying and selling on the same day).
With the provisional measure, the net profit of individuals with stocks in the cash market of B3 will be exempt from Income Tax if the total sales in each quarter are equal to or less than R$ 60,000. Above this threshold, a rate of 17.5% will apply to both regular transactions and day trading.
Impact on Financial Planning and Asset Allocation
All these changes will undoubtedly impact financial planning and asset allocation in the portfolio. After all, it will be necessary to spend more to invest the same amount since tax expenses will need to be considered.
The changes in tax rates and the end of exemptions on several investments will affect the profitability of investments, so it will be necessary to have a cohesive strategy when building the portfolio, aiming to achieve the best possible results.
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