21/12/2023 – 20:36
People with disabilities will have R$800 million more in microcredit to purchase goods and assisted technology services, which improve quality of life and mobility. The National Monetary Council increased the sub-limit to meet the minimum percentage of demand deposits that must be allocated to microcredit.
Currently, banks must allocate 2% of demand deposits for targeted productive microcredit operations. Of this total, 20% must be met through microcredit for assisted technology. The CMN increased this sublimit to 30%.
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With the decision, total demand deposits allocated to people with disabilities rose from 0.4% to 0.6%. Based on the most recent data, from September this year, this measure would increase the microcredit available for assisted technology from R$1.6 billion to R$2.4 billion.
In a note, the Central Bank informed that the measure allows to expand credit to people with disabilities without distorting the focus on microcredit operations, nor changing the current targeting rules.
Investment entities
The CMN also regulated the definition of investment entities, which will be entitled to payment of Income Tax only upon redemption of the investment, without the taxation every six months known as come-quotas.
The benefit covers Equity Investment Funds (FIP), Credit Rights Investment Fund (FIDC) and Market Index Investment Fund (ETF) classified as investment entities.
Sanctioned on the 12th, the Law 14,754which deals with the taxation of exclusive investment funds and offshores (investment companies abroad), defines an investment entity as a fund with discretionary professional management. In this modality, managers freely manage client resources, with the aim of obtaining the highest possible return. It was up to the CMN to regulate the practical situations that define discretionary professional management.
The National Monetary Council authorized the possibility for the manager to hold a minority stake in the fund to align interests with investors. On the other hand, funds in which majority shareholders interfere in the management cannot be classified as investment entities. In the case of FIDC, the fund also needs to invest at least 67% of the portfolio in credit rights to pay Income Tax only upon redemption of the investment.
Funds that do not meet these criteria will pay Income Tax on accumulated income in the same way as offshores and exclusive funds: 8% if you pay in advance by December 29th or 15% if you start paying in May 2024.
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