Post by account_disabled on Mar 6, 2024 4:15:51 GMT -5
It has been reported that the Administrative Council for Tax Appeals Carf has begun to judge appeals from taxpayers who dispute the legality of the requirement to pay Income Tax on capital gains allegedly obtained by institutions holding equity securities on the Stock Exchange. of São Paulo Bovespa and the Commodities and Futures Exchange BMF in the context of the commonly called “demutualization” process of the exchanges which occurred in
This is a topic that arouses great outcry in the legal community whether due to the illegality of the Tax Authority's claim to tax unrealized capital gains or mainly due to the fact that the official interpretation of the Tax Administration that underlies the tax claim is based as if you will see on a legally false premise.
Let us first of all give a brief description of the events that happened in
Until Bovespa and BMF were nonprofit associations BTC Number Data governed by their respective statutes and articles and ss. of the Civil Code with its assets represented by property titles held by members.
During that year Bovespa and BMF were the subject of processes of i “demutualization” so called the “transformation” of associations integrated exclusively by members registered in public limited companies; followed by ii the opening of the capital of the companies resulting from said “transformation” for the trading of their respective shares on the stock exchange.
The “demutualization” of Bovespa occurred on August and involved the following steps all carried out on the same date: i partial spinoff of Bovespa with the transfer of portions of its assets into two companies: Bovespa Holding and Bovespa Serviços SA “Bovespa Serviços”; and ii incorporation of Bovespa Serviços shares into the capital of Bovespa Holding article of Law .
As a result of the operations in question the former holders of Bovespa equity securities became holders of shares representing the capital of Bovespa Holding which in turn began to have Bovespa Serviços as a wholly owned subsidiary.
The “demutualization” of BMF followed the same legal model namely: on September there was i a partial spinoff of BMF with the transfer of portions of its assets into two companies: BMF Holding and BMF and ii the incorporation of BMF.
This is a topic that arouses great outcry in the legal community whether due to the illegality of the Tax Authority's claim to tax unrealized capital gains or mainly due to the fact that the official interpretation of the Tax Administration that underlies the tax claim is based as if you will see on a legally false premise.
Let us first of all give a brief description of the events that happened in
Until Bovespa and BMF were nonprofit associations BTC Number Data governed by their respective statutes and articles and ss. of the Civil Code with its assets represented by property titles held by members.
During that year Bovespa and BMF were the subject of processes of i “demutualization” so called the “transformation” of associations integrated exclusively by members registered in public limited companies; followed by ii the opening of the capital of the companies resulting from said “transformation” for the trading of their respective shares on the stock exchange.
The “demutualization” of Bovespa occurred on August and involved the following steps all carried out on the same date: i partial spinoff of Bovespa with the transfer of portions of its assets into two companies: Bovespa Holding and Bovespa Serviços SA “Bovespa Serviços”; and ii incorporation of Bovespa Serviços shares into the capital of Bovespa Holding article of Law .
As a result of the operations in question the former holders of Bovespa equity securities became holders of shares representing the capital of Bovespa Holding which in turn began to have Bovespa Serviços as a wholly owned subsidiary.
The “demutualization” of BMF followed the same legal model namely: on September there was i a partial spinoff of BMF with the transfer of portions of its assets into two companies: BMF Holding and BMF and ii the incorporation of BMF.