ARTICLE · 15 FEBRUARY 2016

Highlights Of The Month - May 2015

Barbosa, Mussnich & Aragao Advogados

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On May 20, 2015, the federal government published Decree 8.451, which (i) zero-rates the social contributions PIS and COFINS attaching to gains resulting from fluctuations in foreign exchange rates...

BrazilTax

Barbosa, Müssnich & Aragão Advogados

FEDERAL

Legislation

CSLL payable by financial institutions increased from 15% to 20%

As reported in Special Edition 90 of our Tax Newsletter, Provisional Measure 675, published on May 22, 2015, increases the rate of the Social Contribution on Net Profits (CSLL – Contribuição Social sobre Lucro Líquido, one of Brazil's corporate income taxes) payable by financial institutions from 15% to 20%. The rate hike affects private insurance and savings companies, banks, securities distributors, currency brokers, securities brokers, financing, loan and investment companies, real estate credit companies, credit card administrators, financing leasing companies, credit cooperatives, and savings and loan societies.

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