Update - Brazil's New Progressive Capital Gains Tax Rates Effective Date

As {News-2016-03-25/A/2- previously reported}, Brazil recently passed legislation introducing a progressive capital gains tax of 15% to 22.5%. The progressive rates were originally introduced in Provisional Measure 692/2015 and were to apply from 1 January 2016. However, in the final legislation the president vetoed the provision for that effective date due to constitutional issues. Under Brazil's Federal Constitution, the new rates could only apply from 1 January 2016 if the provisional meas…