ARTICLE · 17 MAY 2016

Important Tax Changes For 2016

Gaia Silva Gaede Advogados

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The year 2016 has begun with a series of significant changes in tax legislation. These changes range from an attempt by the Brazilian government to implement a "fiscal adjustment"

BrazilTax

Daniel Teixeira Prates

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The year 2016 has begun with a series of significant changes in tax legislation. These changes range from an attempt by the Brazilian government to implement a "fiscal adjustment" to measures that redistribute Tax on the Circulation of Merchandise and Services (Imposto sobre Circulação de Mercadorias e Serviços - ICMS) revenue, thereby making adjustments to the Brazilian federative system. This article will present a brief explanation regarding the alterations that may affect Brazilian companies and individuals in 2016, without delving deeper into the specific details of each one of these changes.

Taxation of capital gains earned by individuals increased

Currently, capital gains are subject to a 15% Withholding Income Tax (WHT) rate. On September 22, 2015, however, the Brazilian Government issued Provisional Measure 692/15, increasing the taxation of the capital gains earned by individuals. On March 16, 2016, this Provisional Measure was converted into the

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