On 2 February 2016, Brazil's Chamber of Deputies reportedly approved legislation that would provide for a progressive capital gains tax. As originally proposed, the flat capital gains tax rate of 15% would be replaced with progressive rates ranging from 10% up to 30%. As approved by the Chamber of Deputies, the top rate would be 22.5%.
The legislation must be examined and approved by the Brazilian Senate before being enacted. If enacted, the new rates would apply for most assets h…