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Brazil May Slash Top Individual Income Tax Rate

by Mike Godfrey, Tax-News.com, Washington

16 June 2017


In a bid to improve the functioning of the tax regime for individuals, Brazil is considering lowering the rate on higher income earners and introducing tax on dividend payments to shareholders.

The Government said in a column for the Estadão newspaper that it was looking at decreasing the income tax rate for people earning more than about BRS4,600 (USD1,400) each month, to 18 percent from 27.5 percent.

It suggested covering the cost of the tax change by introducing tax on dividend distributions.

In May, Brazil's Senate said it was considering the introduction of a new wealth tax on high net worth individuals.

Senator Vanessa Grazziotin presented draft legislation for the tax on millionaires to the Senate this week.

Under Bill 139/2017, the tax would apply to individuals with a net worth of more than 8,000 times the monthly exempt limit for income tax. This would see the tax being applied to individuals with a net worth of more than BRS15.2m, as the current threshold is BRS1,900.

TAGS: individuals | tax | legislation | tax rates | Brazil | dividends | inflation

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