|Operation/Event||Non-resident Investors Income Tax||Non-resident Investors from Low-Tax Jurisdictions|
|Distributed profits and dividends||Exempt||Exempt|
|Interest on stockholders' equity*||15%||25%|
|Applications in equity funds, swap operations and operations conducted in markets with future settlement, other than the exchanges||10%||15%|
* Basis for calculation: Gross value approved by issuer.
** Basis for calculation: Net gains.
|Investment||Financial Transaction Tax/ Câmbio||Financial Transaction/ Títulos|
|Stocks and ETF in stock exchange||0% for incoming resources||0%|
|Stocks and ETF outside stock exchange||0% for incoming resources (a)||0%|
(a) article 15-A, XII of Decree 6,306-07, as amended by Decree # 8,023-13