CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Brazilian Senate Approves Tax Hike On Financial Firms

Brazilian Senate Approves Tax Hike On Financial Firms

by Mike Godfrey, Tax-News.com, Washington

18 September 2015


The Brazilian Senate has approved a proposal to increase the taxation of financial institutions as part of efforts to balance the budget.

Under the plan the CSLL social contribution tax on financial firms will be increased from the current 15 percent to 20 percent. The rate would fall back to 15 percent by 2019.

The tax hike now needs approval from the President. It is expected to come into effect on October 1, 2015.

The Government expects to raise about BRL900m (USD231m) this year, BRL3bn in 2016, and BRL4bn in 2017 through the tax increase.

Brazil's Finance Ministry announced on September 14, 2015, a number of planned tax reforms intended to boost revenue by BRL28.4bn next year. The proposed reforms include increasing the capital gains tax on the sale of goods worth more than BRL1m, and the reinstatement of the CPMF tax on financial transactions.

The Government is targeting a budget surplus of BRL34.4bn, or 0.7 percent of gross domestic product, next year.

TAGS: capital gains tax (CGT) | Finance | tax | economics | fiscal policy | budget | social security | Brazil | tax reform | Tax | Financial Transactions Tax (FTT)

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »