Brazil has published Law 13.670 of 30 May 2018, which was enacted to reduce the number of activities of companies that may continue calculating the social security contributions upon gross revenues of services and/or products. The law includes a limitation on the offsetting of federal tax credits with tax prepayments, including prepayments of corporate income tax and social contributions on profits. The restriction applies from May 30, 2018, to taxpayers according to the actual taxable income method.
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