CNVM (National Securities Commission) on Wednesday published onits own webpage a draft order regarding the enforcement guidelinesfor the tax on gains generated on the capital market, which cameinto effect starting July 1. The draft was drawn up together withthe Finance Ministry.
According to the draft, investors will have to calculate theprofit or loss at the end of each quarter and, should they post aprofit, they will pay a 16% advance tax to the state. Also, at theend of each quarter, investors will receive from brokers a reporton the trades conducted, which they will have to submit to fiscalauthorities together with the tax statement.
At yearend, investors will also have to go to the taxauthorities to submit annual statements on the basis of which theannual tax regularisation is operated.
Thus, investors will have to go the tax authorities at leastfive times a year, from only one until now.
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