The majority of existing funds present daily liquidity, but IOF is levied on redemptions effected up to the 29th consecutive day as of the date of each investment, according to the table. 
As of the 30th day, each investment is exempted from IOF. To calculate the yield of your fund, you must first know into how many shares the capital invested was transformed, that is, how many shares fit into your capital. The value of this share is published daily in the economy section of the main newspapers, in the website of the bank in which the investment was made, CVM (www.cvm.gov.br), etc. Before anything else, you get the value of the investment – say BRL 10,000.00 – and divide it by the value of the share on the day of the investment – BRL 1.263745 (the value of the shares is usually published with six decimal places), for example. The result is the number of the shares you have. The system uses the share registered in the contract, to make the conversion when you add the investment and then control said investment by shares. The number of shares in the fund is equal to: BRL 10,000.00 divided by BRL 1.263745 = 7,912.988775 shares Once you know the number of shares, just multiply it by the share value on the day the balance of which you want to know. Let us suppose that, after twenty five consecutive days, it has increased in value and reached BRL 1.283459. This gives you the updated value of the investment. This share will be registered in SE0, through option: - Financials Module (SIGAFIN)
Value of an updated investment 7,912.988775 multiplied by BRL 1.283459 = BRL 10,156.00 Gross yield total obtained in the period - Balance in shares of 7,912.988775 multiplied by the share of the last working day of the previous month, or the share on the investment day, 7,912.988775 x 263745 = 10,000.00
- Balance in shares of 7,912.988775 multiplied by the share of the day of redemption or allocation minus the balance in item 1. Then, 7,912.988775 x 283459 – 10,000.00 = BRL 156.00 (gross yield)
For yield proportional to redemption: - The redemption value is obtained in shares by dividing the redemption value by the share on the day. For example: 1,000.00 / 283459 = 779.144484, considering the redemption of BRL 1,000.00
- We multiply the value in shares obtained in item 1 by the share of the last business day of the previous month or by the share on investment day, 779.144484 x 1,263745 = 984,64
- From the redemption value, we subtract the value found in item 2 to obtain the yield value proportional to the 1,000.00. Example: 1,000.00 – 984.64 = 15.36
There is also the possibility of recording entries (SEI→EI_TIPODOC = I6 and I7) relative to monthly allocation (FINA183) by the yield value monthly or accrued since the investment date, following the settings of parameter MV_RNDAPL4. To better grasp this issue, in partial redemption, we calculate the yield using a simple rule of three. Example: If 156.00 is the yield on updated 10,000.00, what is the yield on 1,000.00? 
X = ( 156.00 x 1,000.00 ) / 10,156.00 = 15.36 Where X = yield on partial redemption. Observe that, since the calculation was made after twenty five running days and, hence, is NOT exempt from IOF, if there is redemption or allocation, the amount relating to IOF payable must be calculated. By the tax collection table, if there is a redemption on the 25th day after investment, the amount payable as IOF will be equivalent to 16% of the yield (see in the IOF table that 25 days correspond to 16% of IOF on the yield). IOF value to be paid 16% = 0.16 multiplied by BRL 156.00 = BRL 24.96 IOF collection is only exempt when redemption is effected as of the 30th day of the investment. Income Tax calculation on gross yield. The administrator of the Investment Fund collects the withheld Income Tax. Collecting always occurs on the last business day of the current month or at redemption, whichever is first. If you do not redeem any amount, on the last business day of the month, the Manager automatically debits your balance in shares, equivalent to the Income Tax value due in the current month. There is a 20% rate on gross yield in the event of a Fixed Income Fund. Then, on the gross yield amount levies a 20% rate to be collected by the Federal Revenue Service. The IOF due is already deducted from the gross income if the redemption is effected within 30 consecutive days period. Income Tax Rate - If you fill out the Income Tax rate in field EH_TAXAIRF when registering the investment, the system will always use this rate:
- For investments of type FIC→ Short Term Investment Fund
- 22,5% in up to 180 days
- 20% after 180 days
- For other investments, the regressive Income Tax table is applied. AR table of SX5:
Income Tax amount to be collected Without IOF levy (redemption period starting on the 30th day after investment): BRL 156.00 multiplied by 20% = 0.20 equal to BRL 31.20 If there is no redemption till the end of the month, your shares balance on the last business day of the month is reduced to: BRL 31.20 divided by BRL 1.283459 (share of the last business day of the month) = 24.309308 shares. IOF Levy If a redemption occurs on the 25th day, IOF of BRL 24.96 is levied, plus IRF: IRF = (156.00 - 24.96) = BRL 131.04 multiplied by 20% = BRL 26.21 Now, let us calculate your final yield and its after tax profitability. Suppose a redemption occurs on the 25th day after the investment, subject to IOF and Income Tax. Note: If the calculated IOF is during allocation (Virtual IOF), its value is added to the income of the following month because it was only used not to calculate IR on IOF in the first month and not to calculate a lower income in the following month and, consequently, a lower Income Tax. Profitability Calculation - Net Yield
= Gross Yield – IOF – Income Tax = BRL 156.00 – BRL 24.96 – BRL 26.21 - Net Profitability
= Net Yield divided by Initial Value Invested x 100 = BRL 104.83 / BRL 10,000.00
= 1.05%, in period of 25 consecutive days
In the following month, the investment is calculated using the share of the last business day of the previous month and the share of the allocation date. You must register the value of this share in SE0, both at redemption and at monthly allocation. The system already updates this file with the share value entered at redemption or at allocation. | 
