Below is the general tax information for the BM&FBovespa markets:

Calculation Bases and Rates

The Income Tax rate applicable to net gains from the operations conducted at BM&FBovespa
is 15%.

The Income Tax rate applicable to gains on day trade market operations is 20%.

Day trade operations are those that are started and ended on the same day, intermediated by the same institution and with the same asset.

For non-day trade operations conducted at BM&FBovespa, the withholding income tax is subject to a 0.005% rate. For day trade operations, the rate is 1%.

Withholding Income Tax (IRRF) is considered as in anticipation of the calculation of the monthly Income Tax.

For IRRF taxation, options exercise operations are not considered.

In the futures market, as the base of calculations all Natural Persons shall have the algebraic sum of the daily adjustments, if positive, calculated at contract closure or liquidation.

For the Income Tax, it is possible to offset gains from operations conducted in the BM&F segment with losses incurred in operations in the Bovespa segment.

The PIS / PASEP and Cofins tax rates are zero on the gains incurred from hedge operations by Legal Persons subject to the non-cumulative system of such contributions.

The Cofins taxable event is obtained by the Legal person’s monthly total income.

For swap operations, the Income Tax calculation base is the result of the contract liquidation, but only if positive.

For operations conducted or registered in the BM&F segment, the IOF rate is zero.

Tax Collection

For operations conducted in the BM&F segment, Income Tax payment (not withholding) must be made by the investor (Client).

Withholding Income Tax (IRRF) collection, in stock market operations, must be carried out by the Broker.

Operations conducted in the BM&F segment by Banks, Brokers, and Securities and Exchanges Distributors.

For the operations conducted in the BM&F segment other than hedge, the taxpayer (Client) is responsible for paying the PIS / Pasep and Cofins. Such contributions must be calculated monthly.

Foreign Investors

The capital gains of foreign investors who conduct financial operations in the country and do not live in the country, or live in a country that does not tax income or taxes income at a rate no higher than 20%, according to the conditions established by the National Monetary Council, are not subject to income tax.

Information Source

For further details on the Taxation of Financial and Capital Markets, please visit or