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Saving Accounts Subject to New Tax

By Bruno De Nicola, Contributing Reporter

Saving accounts holding an amount greater than R$50,000 will likely be subject to a new partial income tax starting in 2010, while tributary tax pressure on investment funds will drop from 22% to 15% by the end of the year.

If the Congress approves the new tax bill, the new tributary system will be based on a complex equation strictly correlated to the trend of the Interest Rate (Taxa Selic), which is now stable at 10.25%. If the Selic should raise above 10.50% the bill would then be considered ineffective . . .

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