Provisional Measure 675/201, that will raise the Social Contribution on net Income (CSLL) of financial institutions from 15% to 20%, will be effective from September onwards. With this increase, financial institutions may have approximately 45% of its profits taxed, if added to Corporate Income Tax (IRPJ).

The affected institutions are the legal entities of private insurance; of capitalization; banks of any kind; securities dealers; securities and exchange brokerage companies; credit, finance and investments companies; real estate credit companies; credit card management; leasing companies; credit unions; and savings and loan associations. Still, the insurance brokers are not financial institutions, for this reason the CSLL tax rate remains 9% for them.

This measure aims to achieve more resources to rebalance the public accounts. Governmental expectation is that this measure will rise the Union's revenue at about BRL 3 to BRL 4 billion per year.

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