Provisional Measure 675, published today, 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.
The provisional measure will come into effect on 1 September 2015.
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