When you turn on Interest, you’re investing in units in an accumulating offshore fund. Accumulating meaning that any income from the underlying assets held are reinvested and reflected as an increasing NAV price.
If you’re a Brazilian tax resident, you're required to pay taxes on your earnings worldwide and report all your global assets, income, debts, earnings, and taxes, as applicable, annually to the Brazilian tax authorities.
Income tax
Profit from the sale of investment funds abroad is taxable on the difference of its sale amount and acquisition cost, also called ‘capital gain’. Brazil has specific legislation for assets and income from financial investments and controlled entities abroad. You may need to report these foreign assets and pay income tax (15% rate) on the related income annually.
Filing a tax return
Taxpayers must report such income annually to the Brazilian tax authorities when submitting their tax return and pay the respective tax via voucher at a flat 15% rate. This is done by submitting a tax return between March and April of the year following the assessed year (unless extension provided).
Note that taxes in Brazil on foreign income aren't withheld, so you're personally responsible for calculating and paying the tax.
Generally, offshore investments are reported individually in the income tax return, based on December 31 of the tax year:
Country
Acquisition cost (for funds, stocks) or balance (for bank accounts)
Gains, interests or dividends received throughout the year, and taxes paid
Bank and asset details
You can read more about how to submit your tax return to the Brazilian Tax Office on the website from here.
If you have any questions about your taxes or filing a return, please speak to a qualified professional.