Tax News: Provisional Measure Nº 675

Tax News: Provisional Measure Nº 675

Provisional Measure Nº 675 increases the tax rate of the Social Contribution on Net Profits for Financial Institutions and Insurance Companies

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Tax News: Provisional Measure Nº 675

On May 21st, 2015, Provisional Measure No. 675 (published in the Official Gazette circulated on May 22nd, 2015) increased from 15% to 20% the tax rate of the Social Contribution on Net Profits (“CSLL”) due by the following legal entities:

 

  • Banks
  • Securities Distributors
  • Securities Brokerage Companies
  • Credit, Financing and Investment Companies
  • Real Estate Credit Companies
  • Credit Card Companies
  • Leasing Companies
  • Credit Unions
  • Savings and Loan Associations
  • Insurance Companies
  • Capitalization Companies

 

This increase is part of the fiscal adjustment proposed by the Federal Government under discussion in National Congress, which seeks to achieve the primary surplus target for the 2015 fiscal year.

 

This measure shall enter into force as of the first day of the fourth month after the issuance of Provisional Measure Nº. 675, i.e., as of September 1st, 2015.

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