Our lawyer, Maria Paula Carvalho Molinar, took part in an article published on the g1 portal, which dealt with the approval of the text of the 2nd phase of the tax reform regulation, which defines new rules for the taxation of inheritances by means of the Tax on Causa Mortis Transmissions and Donations of Any Goods or Rights (ITCMD).

The proposal determines that private pension plans may be taxed when they are passed on to the investor’s heir, provides for the exemption of donations or inheritances to social institutions and a rule for inheritances to be taxed at a progressive rate.

According to the expert, there is a legal impasse ahead if the proposal remains in these terms. She recalls that state courts have allowed ITCMD to be levied only on PGBLs, excluding taxation on VGBLs on the grounds that they are insurance in nature and therefore do not form part of the inheritance.

“The attempt to tax these plans is well known and old. If VGBL taxation is maintained in the final text, there is the possibility of a legal dispute because the STF has already recognized its insurance nature, without limitation or indication of a minimum period of permanence,” he explains.

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