Tax exemption has always been one of the attractions of property funds for investors. With the rule changes, FIIs will now be classified as ‘service providers’ and subject to the Contribution on Goods and Services (CBS) and the Tax on Goods and Services (IBS).

In an interview with E-Investidor, Júlia Vituli, a lawyer at Candido Martins, comments that the removal of funds from the list of non-taxpayers creates uncertainty for the sector.

‘Investment funds don’t have legal personality and, as a general rule, shouldn’t be subject to taxation,’ she says.

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