{"id":96709,"date":"2025-11-25T13:19:58","date_gmt":"2025-11-25T16:19:58","guid":{"rendered":"https:\/\/murray.adv.br\/?p=96709"},"modified":"2025-11-25T13:19:58","modified_gmt":"2025-11-25T16:19:58","slug":"brazilian-companies-rush-to-adapt-to-dividend-tax-change","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/brazilian-companies-rush-to-adapt-to-dividend-tax-change\/","title":{"rendered":"Brazilian companies rush to adapt to dividend tax change"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"medium-centered subtitle\">\n<h6 class=\"content-head__subtitle\" style=\"text-align: center\"><em><strong>Firms call shareholder meetings to approve payouts before new 10% levy<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<div class=\"content-publication-data__from\"><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\">11\/25\/2025\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\">\n<div class=\"content__share-bar\"><\/div>\n<\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body \">\n<article>\n<div class=\"no-paywall\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Awaiting presidential approval from Luiz In\u00e1cio Lula da Silva, Bill 1087 of 2025 has prompted publicly traded companies in Brazil to move quickly to adapt to the upcoming 10% tax on profits and dividends outlined in the legislation.<\/p>\n<\/div>\n<div class=\"wall protected-content\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"40\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In a race against time, companies are calling shareholder meetings to approve the distribution of profits earned through December 31. Under the bill, earnings recognized by the end of 2025 will remain tax-free, provided the distribution is approved this year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"50\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Uncertainty surrounding the bill, which may still be altered by presidential vetoes, was evident during recent earnings calls for the third quarter. Companies such as Caixa Seguridade, Direcional, Mills, and Unipar told analysts they are still evaluating different options and have yet to make final decisions on how to proceed.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"61\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Tax experts report a surge in queries, noting that the bill contains provisions that clash with Brazil\u2019s corporate law. \u201cCompanies are either going to end up in conflict with the CVM [Securities and Exchange Commission] or the tax authorities,\u201d said Rodrigo Maito, tax partner at law firm Dias Carneiro Advogados. \u201cThere\u2019s a complete mismatch between the approved bill and corporate law.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">While the Corporate Law (Lei das S.A.) requires dividends to be paid within 60 days of the decision in the same fiscal year, the bill allows profits and dividends recognized through the end of 2025 to be paid out as late as 2028.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">The December 31 deadline to approve payouts from \u201cpast profits\u201d is expected to trigger a rush to close interim financial statements, since full audited results for the fourth quarter will only be released next year. \u201cThis creates an incompatibility for corporations,\u201d Maito noted.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Different paths<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">On an earnings call, Ricardo Gontijo, CEO of homebuilder Direcional, said the company is \u201cstill evaluating what can be done\u201d to minimize the impact on shareholders. However, he noted that the company is well positioned, given its cash and leverage levels. \u201cWe\u2019re looking at what\u2019s feasible while maintaining our conservative and disciplined approach,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Mills, a machinery and equipment rental firm, is also assessing alternatives to \u201censure the best return for shareholders,\u201d said CFO Renata Vaz, though she acknowledged a strategy has not yet been finalized.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">At Plano&amp;Plano, the change in tax rules \u201cpushes the company to try to maximize dividends for shareholders,\u201d said CFO Jo\u00e3o Luis Ramos Hopp. But he noted that the decision depends on factors such as the company\u2019s growth appetite and compliance with debt covenants.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"47\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Mahle Metal Leve has already decided not to distribute dividends early, citing the financial cost. \u201cWe\u2019ve studied the topic, including the investor base,\u201d said CFO Claudio C\u00e9sar Braga. \u201cWhat I can say is that if the law stays as it is, we don\u2019t intend to advance dividends.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"67\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Porto\u2019s vice president of finance, Celso Damadi, told analysts the insurer is also monitoring possible changes to the bill. \u201cWe\u2019ll wait to see how it turns out before deciding,\u201d he said, adding that paying additional dividends in 2025 is not in the company\u2019s plans. \u201cWe expect to distribute 50% [of profit] this year. In the coming years, given our cash generation, there are some possibilities,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"16\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">In late October, Vulcabras\u2019s board approved a capital increase of up to R$597.6 million, to be allocated to the company\u2019s capital account and capital reserves via share subscription premiums.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cWe\u2019re calling a capital increase and allocating R$598 million as part of tax planning in anticipation of the tax reform that will likely tax dividends,\u201d said CFO Wagner Dantas at the time. \u201cIt\u2019s a way to favor shareholders through tax strategy without placing unnecessary leverage on Vulcabras\u2019s balance sheet.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"4\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\"><strong>Debt on the table<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"26\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Tax attorney Alamy Candido of Candido Martins Cukier said the topic has dominated legal work this month. \u201cEverything we\u2019re doing is focused on this,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">He noted that options for adapting to the new tax regime are limited. One approach is capitalization: by using profit reserves to increase capital, companies can issue bonus shares to existing shareholders.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"30\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">This is an internal accounting maneuver, where the new shares are distributed at no cost to shareholders. \u201cBut it\u2019s not so simple for companies with complex ownership structures,\u201d he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"40\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Companies with profits and sufficient cash on hand may simply opt to pay out dividends. Others lacking the resources might resort to borrowing, which could lead to increased demand for financing, though this may be constrained by high interest rates.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"41\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">An intermediate strategy would be to reclassify a portion of equity as liabilities on the balance sheet, essentially recognizing a future obligation to shareholders without deciding yet how the funds will be used. \u201cEveryone\u2019s drafting minutes and calling meetings,\u201d said Maito.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"55\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">One lingering source of uncertainty, Candido added, is the possibility of President Lula vetoing the provision allowing payments through 2028. In the event of a veto, there are two possible interpretations: either companies could pay earnings from 2025 whenever they choose, or they would be required to pay by the end of this year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"38\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">\u201cIt would be better to enact the bill as it is,\u201d Candido said. \u201cWe\u2019ve already had a lot of discussions. If the president vetoes it, there\u2019ll be a rush to distribute dividends and growing discomfort in the market.\u201d<\/p>\n<\/div>\n<div data-track-category=\"multicontent\" data-track-action=\"ultimo chunk conteudo\" data-track-noninteraction=\"false\" data-track-scroll=\"view\">\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"6\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">(<em>Ana Luiza de Carvalho contributed reporting.<\/em>)<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">* By\u00a0Rodrigo Carro\u00a0and\u00a0Rita Azevedo\u00a0\u2014 S\u00e3o Paulo<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\" data-mrf-recirculation=\"Article links\">Source: Valor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Firms call shareholder meetings to approve payouts before new 10% levy &nbsp; &nbsp; &nbsp; 11\/25\/2025\u00a0 Awaiting presidential approval from Luiz In\u00e1cio Lula da Silva, Bill 1087 of 2025 has prompted publicly traded companies in Brazil to move quickly to adapt to the upcoming 10% tax on profits and dividends outlined in the legislation. In a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[12166,26607],"class_list":["post-96709","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-brazilian-companies","tag-rush-to-adapt-to-dividend-tax-change"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brazilian companies rush to adapt to dividend tax change - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/brazilian-companies-rush-to-adapt-to-dividend-tax-change\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazilian companies rush to adapt to dividend tax change - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Firms call shareholder meetings to approve payouts before new 10% levy &nbsp; &nbsp; &nbsp; 11\/25\/2025\u00a0 Awaiting presidential approval from Luiz In\u00e1cio Lula da Silva, Bill 1087 of 2025 has prompted publicly traded companies in Brazil to move quickly to adapt to the upcoming 10% tax on profits and dividends outlined in the legislation. 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