Stock Exchange investors do not know how to pay their tax on gains generated from the sale of stock in the third quarter as the Government has modified taxation on July 1, but the Finance Ministry has not published tax enforcement guidelines, yet.
The third quarter brought Stock Exchange investors significant
gains, of 12.5% on BET and 20.1% on BET-FI, and in October
investors will have to queue up to pay a 16% advance tax.
The bill modifying tax enforcement guidelines, which can be read on
CNVM’s website, says investors will fill in the tax statement,
which they will submit to the tax office and pay the advance tax on
gains generated during a quarter by the 25th of the month after the
quarter ends. In this case-October 25.
CNVM (National Securities Commission) announced it approved, on
September 29, the guideline modification bill, which it then sent
to the Finance Ministry for review. CNVM representatives did not
specify, though, whether they operated any changes to the initial
version published on the website.
The number of BSE deals dropped to around 45,000 in September, from
91,000 in June and 130,000 in May, over taxation changes. Thus,
while listed shares have risen in recent months, transactions were
smaller and the tax the state will collect will not be significant,
though the tax level was raised to 16% irrespective of the stock
holding period.