Post by account_disabled on Oct 20, 2023 23:15:54 GMT -5
Since last week, XP has stopped trading shares in the LFTS11 ETF , the index fund that replicates a portfolio of Treasury Selic bonds.
Step back
According to XP, the suspension of trading for an indefinite period is motivated by the collection of income tax from theLFTS11. In the brokerage's view, the income tax to be charged would always have to be 25% , regardless of the period for which the investor holds the investment, instead of the 15% disclosed by the Investo management company.
This vision from XP comes with the understanding that the average Brother cell phone list period for renegotiating an LFT (i.e. Treasury Selic) is one business day, characterizing a 25% taxation in accordance with the legislation on fixed income ETFs.
The answer
In defense, Investo Gestão de Recursos LTDA , manager of LFTS11, stated via relevant fact that there is no “divergence in calculation methodology between Administrator and ANBIMA”.
“We reinforce that the methodology for calculating the LFTS11 PMRC used by the Administrator is duly based on a report from the Central Bank of Brazil (Bacen) and on technical and legal opinions from renowned consultancies. We are unaware of any communication issued by ANBIMA, within the scope of its self-regulation, that could allow the conclusion of the alleged divergence”, said the Investo manager.
Investo continues to argue that the income tax to be paid by the investor will always be 15%, regardless of the redemption period, since the Treasury Selic bonds that make up the LFTS11 have an average maturity period of over 2 years.
Our opinion
The Renda Fixa PRO team reinforces that, given this moment of differing interpretations and official uncertainty as to who is really right, it is recommended that investors be patient and wait for new official information on the matter.
If the investor still wishes to sell the asset, he must be very careful not to sell it outside the fair market price , as this would be an unnecessary loss of money.
For now, the case remains without an official definition.
For customers ofFixed Income PRO, the team continues to monitor and seek new information to provide the best guidance.
Other investment options to replace LFTS11
The LFTS11 was used by many shareholders to save emergency reserves , due to the 15% income tax advantage.
With this moment of uncertainty about the rate that should actually be charged, the alternatives for this purpose continue to be the Treasury Selic itself , as well as the daily liquidity CDBs of the largest banks in the country, such as Itaú, Santander, Bradesco and BTG.
Therefore, if you want to have a secure and liquid reserve , these could be good options.
Step back
According to XP, the suspension of trading for an indefinite period is motivated by the collection of income tax from theLFTS11. In the brokerage's view, the income tax to be charged would always have to be 25% , regardless of the period for which the investor holds the investment, instead of the 15% disclosed by the Investo management company.
This vision from XP comes with the understanding that the average Brother cell phone list period for renegotiating an LFT (i.e. Treasury Selic) is one business day, characterizing a 25% taxation in accordance with the legislation on fixed income ETFs.
The answer
In defense, Investo Gestão de Recursos LTDA , manager of LFTS11, stated via relevant fact that there is no “divergence in calculation methodology between Administrator and ANBIMA”.
“We reinforce that the methodology for calculating the LFTS11 PMRC used by the Administrator is duly based on a report from the Central Bank of Brazil (Bacen) and on technical and legal opinions from renowned consultancies. We are unaware of any communication issued by ANBIMA, within the scope of its self-regulation, that could allow the conclusion of the alleged divergence”, said the Investo manager.
Investo continues to argue that the income tax to be paid by the investor will always be 15%, regardless of the redemption period, since the Treasury Selic bonds that make up the LFTS11 have an average maturity period of over 2 years.
Our opinion
The Renda Fixa PRO team reinforces that, given this moment of differing interpretations and official uncertainty as to who is really right, it is recommended that investors be patient and wait for new official information on the matter.
If the investor still wishes to sell the asset, he must be very careful not to sell it outside the fair market price , as this would be an unnecessary loss of money.
For now, the case remains without an official definition.
For customers ofFixed Income PRO, the team continues to monitor and seek new information to provide the best guidance.
Other investment options to replace LFTS11
The LFTS11 was used by many shareholders to save emergency reserves , due to the 15% income tax advantage.
With this moment of uncertainty about the rate that should actually be charged, the alternatives for this purpose continue to be the Treasury Selic itself , as well as the daily liquidity CDBs of the largest banks in the country, such as Itaú, Santander, Bradesco and BTG.
Therefore, if you want to have a secure and liquid reserve , these could be good options.
