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Brazil Approves Provisional Measure for Monthly Individual Income Tax Brackets

24 June 2015

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Approved Changes

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Brazil

On 17 June 2015, Brazil's Chamber of Deputies approved Provisional Measure (PM) 670/2015, which was initially published on 11 March 2015 and extended on 4 May 2015. The PM sets out the monthly individual income tax brackets as follows: up to BRL 1,903.98 - 0% over BRL 1,903.98 up to 2,826.65 - 7.5% over BRL 2,826.65 up to 3,751.05 - 15.0% over BRL 3,751.05 up to 4,664.68 - 22.5% over BRL 4,664.68 - 27.5% The bracket thresholds apply from 1 April 2015 and are used to determine the monthly tax payable. Slightly different brackets apply for the annual tax return,...