The Brazilian government is set to announce new tax legislation designed to promote long-term investments in pension funds, Assistant Federal Tax Secretary Ricardo Pinheiro revealed on Monday.
"We're studying possible alterations in the pension-fund legislation for both open and closed complementary funds," Pinheiro stated, adding the proposals are seen “in the context of stimulating longer-term investments."
The new measures may be seen as early as next week, although Pinheiro cautioned that the framework for the changes wasn't yet fully defined.
The announcement follows hot on the heels of a raft of new tax cuts, beginning mostly in January 2005, to encourage longer term investment in equities, fixed income, mortgage-backed securities and capital equipment, said to be worth more than BRL2.5 billion (US$823 million) annually.
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