Recently, the Brazilian Minister of Finance, Fernando Haddad, addressed the taxation of foreign investments.

The deadline for the vote on the Provisional Measure dealing with this matter is set to expire on August 28, 2023. However, indications suggest that the Provisional Measure will not be voted on within the legal deadline, and thus, will not be converted into law.

Nevertheless, the Government intends to restore the revenue from taxes for the upcoming years. Fernando Haddad stated that upon the expiration of the Provisional Measure, the Government plans to introduce a project of law concerning the taxation of foreign investments alongside the proposed Budget for 2024.

Furthermore, other projects of law aimed at increasing revenue in 2024 are also under consideration by the Government.

We are attentive to updates on this matter to keep our clients informed.