Today, November 29, 2023, the Senate approved the text of Bill 4.173 (“Bill 4,173”) which, as we reported in our previous newsletters (August 29 and October 25), proposes changes to the taxation rules for individuals holding assets abroad, notably financial investments, controlled entities and trusts abroad, as well as introduces new taxation rules for investment funds set up as a closed-end fund in Brazil, in addition to other amendments.

The draft approved by the Chamber of Deputies remained unchanged. Bill 4,173 will be forwarded to presidential approval. It is important to note that it needs to be approved and published until December 31 to be in effect from 2024 onwards.

 

 

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