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Brazil Hikes Tax On Financial Firms

by Mike Godfrey, Tax-News.com, Washington

27 May 2015


Brazil's Department of Federal Revenue announced on May 22, 2015, that a social contribution tax on the profits of financial institutions is to be increased from September 1.

The tax, CSLL, which is levied before income tax on certain financial institutions, is to be hiked from 15 percent to 20 percent.

The tax agency said that the measure will provide the Government with additional revenues worth about BRL747m (USD237m) this year and about BRL3.8bn next year.

Following the announcement of the tax hike, the Brazilian Government announced that it would freeze about BRL69.9bn of spending in the 2015 Budget.

The change was effected through Official Gazette Provisional Measure No. 675 of May 21, 2014.

TAGS: tax | economics | interest | fiscal policy | banking | gross domestic product (GDP) | budget | tax rates | social security | Brazil | tax reform

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