1. The use of the ‘market maker’ so that the capital gain from the sale of shares and quotas does not constitute taxable income is restricted (article No. 107 ITL). The non-income treatment applies only for the period of one year from the first public offering of securities.
  2. In determining the tax cost of non-payment shares, it is established that they do not have an acquisition value. In addition, the capital gain obtained in their sale does not qualify for the benefits of article 107 ITL.
  3. New regulations on the acquisition of credit instruments, credit portfolios and bonds at a value below par (changes current IRS interpretation).