On October 24, the Executive branch, through Emergency Decree No. 005-2019, amended the Law that Fosters Liquidity and Integration of the Securities Market, with the objective of extending until December 31, 2022 the exemption from Income Tax on income from the sale (transfer) of a series of securities. The provisions of the regulations will be in force as of January 1, 2020.

Among the securities to which the measure applies, the following stand out: common shares and investment shares, debt securities and certificates of participation in mutual funds investing in securities.

On the other hand, the Decree provided that the daily negotiated amount of the involved securities may not be less than six Tax Units, and that the result may not be less than the limit established by the regulation, which may not exceed 45%.