Uma análise da taxação e tributação dos investimentos no Tesouro Direto

Abstract

This work studies investments in public bonds made under the Tesouro Direto program. More specifically, the analysis seeks to understand the effects of the fees and taxes in the overall profits of these investors. The work simulated the process of charging the fees and taxes over a very long dataset with feasible investments in some zero coupon bonds available in Tesouro Direto and then evaluated the impacts of the fees and taxes over the investments both in short term and long term. Also, the returns of the investments in public bonds have been compared with the returns of alternative investments in savings account, LCI and CDB (alternative investments offered by the main Brazilian banks). The results show that the fees and taxes charged in the investments in public bond affects mainly the short-term investments, and this harms mostly the competition in the post-fixed bond indexed at the Selic rate, once the profitability of the alternative investments (CDB and LCI) are indexed at the CDI rate, which returns are very close to the Selic rate. Another important result is regarding the macroeconomic oscillations in the Selic rate impairs very hardly the profitability of the investments in prefixed and inflation-indexed bonds, and these oscillations are much stronger in the returns of the inflation-indexed bonds, which have much longer maturities.