On 29 April 2016, Brazil published Interpretative Declaratory Act 3/2016 in the Official Gazette. The Declaratory Act confirms that the new progressive capital gains tax rates of 15% to 22.5% introduced under Law 13,259/2016 ({News-2016-03-25/A/2- previous coverage}) are effective from 1 January 2017. The new rates were originally meant to apply from 1 January 2016, but due to constitutional issues can only apply from 2017 because the law was not passed before the intended effective date.