IMPACTOS DA LEI 11.312/06 SOBRE A PARTICIPAÇÃO DE INVESTIDORES ESTRANGEIROS NO VOLUME DE TÍTULOS PÚBLICOS BRASILEIROS

The purpose of this article is to highlight the consequences of implicit taxation on financial assets in Brazil. Implicit taxation represents the difference in return (profit) before taxes on the income of the least taxable asset in relation to the most favorable asset in terms of taxation. The event studied in this research was the Income Tax exemption on income from public securities acquired by foreigners, a benefit provided by Law 11.312/06. The analysis was made on the total volume and also on the four most representative securities held by foreigners: LFT (zero coupon floating rate bill), LTN (zero coupon fixed rate bill), NTN-B (inflation protected notes) and NTN-F (fixed rate notes). The main hypothesis tested is that the volume of foreign capital investment in these government securities increased after Law 11.312/06 came into force. The results found were statistically significant both in the analysis of the total value of government bonds and in the individual analysis of the four most representative securities held by foreigners. The results indicate that the foreign investor may have benefited from the implicit taxation, that is, there are indications that the investors were inframarginal and knew how to acquire or migrate to the asset with great tax advantage. The tests of differences in means indicated a greater positive variation of the Treasury Notes in relation to the Treasury Bills, a behavior justified by the Clientele Effect considering the greater benefit of foreign investors after the approval of the Law in the securities that make payment of coupons periodically. The results intend to contribute to the analysis of the impacts of financial asset taxation policies in the allocation of resources due to the differentiation of rates by investor segmentation.