[Lucio]

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Dear Vinicius,

Congratulations... One of the first articles on investing abroad that I've come across that analyzes in detail and correctly the tangle of IRS rules.

Some scenarios that you could tell me would be acceptable for the recipe.

Example: with tax domicile in Brazil, I sent to an account abroad as a resource originally in real, US$1000, exchange rate at R$1.80... I bought $1000 in shares with the dollar at R$2 on the date of purchase and sold them later with the dollar at R$2.50 but I had an effective loss of $100, i.e. instead of $1000 I now only have $900 but the GCAP to be offered for taxation is R$500.00 because the asset was bought with 100% funds originally in real.

What is the amount of the capital gain to be considered as foreign currency for future investments? Or in the event of repatriation, since in my opinion the parties should be taxed differently: the one in foreign currency does not have GCAP, and the one originally in Real for the possible exchange rate variation between sending and returning.

What I have done so far is to consider the equivalent of this GCAP of R$500 above, in USD, that is, $200 as foreign currency, so at the end of this operation I have $200 in foreign currency since I have paid the tax corresponding to this exchange variation, and the rest, $700 remains as currency originally in real. For the next investments, I'll classify them in one of three scenarios: originally in real (up to $700), m.e. (up to $200) or mixed if I use the $900 available.

And if you repatriate these $900, $700 would be subject to GCAP if there was a devaluation of the real from the date of sending to R$1.80 and from the date of receiving, say, R$2.20 and $200 exempt from GCAP on repatriation.

Thank you

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