Corporate Tax

Brazil’s Home of Commons adopts legislation amending company tax legislation and revenue tax legislation

Daily tax report: International

Septum. 7, 2021, 5:00 a.m.

The Brazilian Chamber of Deputies passed Law No. 2337/21 amending the Income Tax Law on September 1st. The bill includes measures to: 1) introduce a 20 percent withholding tax (IRRF) on profits and dividends and a 30 percent corporate and income tax for residents of a country with a preferential tax regime; 2) Provide a monthly allowance of Brazilian reals (US $ 3,859) for Resident Individuals who receive profits from small and medium-sized businesses; 3) Establish an automatic tax system to prevent individuals from withholding offshore income; 4) Establishing a minimum deduction period of 20 years for the amortization of intangible …

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