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Brazilian law amends taxation levied on foreign assets and investment funds
December 13th, 2023
Law No. 14,754/2023 was enacted and, among other relevant amendments, it: (a) changes Individual Income Tax (“IRPF”) levied on foreign assets in the form of financial investments and profits and dividends from controlled foreign corporations (“CFC”); (b) establishes automatic and annual IRPF on the profits of CFCs for individuals residing in Brazil; (c) establishes tax transparency for purposes of taxing assets held by foreign trusts; and (d) introduces periodic taxation on closed-end investment funds in Brazil.
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