Brazil, Iceland sign tax treaty
Brazil and Iceland have signed a new tax treaty on 14 October 2024. The agreement will introduce several key provisions, including a principal purpose test and a limitation on benefits clause. It also addresses fiscally transparent entities,
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Brazil consults Qualified Domestic Minimum Top-Up Tax
Brazil’s Federal Revenue Service has initiated a public consultation regarding the additional social contribution to net profits (Contribuição Social Para o Lucro Líquido, CSLL). The consultation will be open from 4 October to 10 November,
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Brazil implements Additional Social Contribution to Net Profit as Pillar 2 top-up tax
Brazil has enacted Provisional Measure No. 1.262 of October 3, 2024, and Normative Instruction No. 2.228 of October 3, 2024, to introduce an Additional Social Contribution to Net Profit (CSLL). This initiative aims to comply with the requirements of
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Brazil extends tax incentives for semiconductor industry
Brazil has extended the tax incentives for the semiconductor and information and communication technology sectors until 31 December 2029, published in Law No. 14.968, dated 11 September 2024 in the Official Gazette. The incentives include the
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Brazil updates reporting requirements for legal entities with tax benefits
Brazil published Normative Instruction No. 2.216 in the Official Gazette, on 5 September 2024, which updates and supersedes the annex of Normative Instruction No. 2.198 from 17 June 2024 (Declaration of Incentives, Waivers, Benefits, and Immunities
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Brazil: Central Bank raises interest rates, additional hikes forthcoming
Brazil's Central Bank increased the interest rate by 0.25% yesterday, 18 September 2024, bringing the benchmark rate to 10.75%. This hike marks the first increase in interest rates in over two years. The central bank also indicated that
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Brazil considering tax hike without legislative approval
Brazil's government is considering tax increases that can be enacted without congressional approval to address this year's budget deficit, according to two reports from the finance ministry received on 6 September 2024. Officials have indicated
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Brazil: Government presents budget for FY 2025
On 30 August 2024, the Federal Government of Brazil submitted its draft budget proposal for the fiscal year (FY) 2025 to the National Congress. The 2025 budget bill offers updated projections for GDP growth, inflation, and other economic
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Brazil consults transfer pricing rules for intragroup services, unilateral APAs
Brazil's Federal Revenue Service (RFB) announced a public consultation on draft guidelines for transfer pricing regulations for intragroup services and unilateral advance pricing agreements under Brazil's new transfer pricing regime on 29 August
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Brazil to tax big tech firms if revenue declines
Brazil's Ministry of Finance announced that it plans to present proposals to Congress to tax big tech companies and implement a global minimum tax of 15% for multinational corporations on 2 September 2024. These new tax measures will be enforced
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Brazil to increase income tax on banks
Brazil's government introduced a bill to Congress to raise revenue through increased income taxes, mainly targeting banks with a significant tax rate hike, on Friday, 30 August 2024. The proposed legislation seeks to adjust the social
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Brazil plans to increase taxes to fund extended social contribution regime
Brazil’s Finance Minister Fernando Haddad has reportedly unveiled plans to raise levies on interest on equity and the social contribution on profits (CSLL). The tax hike is aimed to offset the costs associated with the partial extension of the
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Panama, Brazil negotiate income tax treaty
Panama's Ministry of Economy and Finance, in a release, stated that officials from Panama and Brazil convened, on 12 August 2024, to discuss the negotiation of an income tax treaty. Panama’s General of Revenue, Camilo Valdés Mora, and the
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Brazil announces updates to e-invoicing prompted by tax reforms
Brazil’s government has submitted regulations to Congress regarding implementing a new dual value-added tax (VAT) system as part of its tax reform bill. Earlier, Brazil’s lower house of Congress, on 10 July 2024, passed legislation to
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Brazil: Congress approves bill for major tax reforms
Brazil's lower house of Congress, on 10 July 2024, passed legislation to overhaul the tax system. This follows after lawmakers demanded Brazil implement major tax reforms to improve productivity by simplifying Brazil's complicated taxation
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Brazil sets new reporting rules for tax-benefited legal entities
On 4 June 2024, Brazil published Provisional Measure No. 1.227 of 4 June 2024 in the Official Gazette. This bill introduces new reporting rules for legal entities that benefit from tax incentives, tax waivers, and other tax-related
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Brazil withdraws plan to tax low-cost online orders
Brazil’s Senate has withdrawn the proposal from a bill to tax small online purchases on Tuesday, 4 June, 2024. Senators were set to vote on a bill that would introduce a 20% import tax on international online purchases under USD 50, which the
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Brazil: Congress moves to implement tax on inexpensive online orders
Brazil's lower house of Congress approved a bill that introduces 20% import tax on international online purchases under USD 50 on Tuesday, 28 May, 2024. The bill must be voted in the Senate before it can come into effect. This new import tax
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