Client Alerts 02/05/2022

Provisional Measure increases CSLL of funds, institutions and financial institutions

Federal Government increases by 01% the rates of Social Contribution on Net Income (CSLL) owed by banks, insurance companies, capitalization companies and other financial institutions.

In an extraordinary edition of the Federal Official Gazette, on the night of 04/28/2022 Provisional Measure No. 1,115/2022 was published, increasing the CSLL rate (i) from 20% to 21% of banks and (ii) from 15% to 16 % of private insurance companies, capitalization companies and the following financial institutions:

  • Securities distributors;
  • Exchange and securities brokerages;
  • Credit, financing and investment companies;
  • Real estate credit companies;
  • Credit card administrators;
  • leasing companies; and
  • credit unions.

The new rates shall be applied as of August 1, 2022 and will remain in effect until December 31, 2022.

According to the Government, the justification for the increase in rates would be the necessary measure to compensate for the revenue losses resulting from the tax waiver generated by the REFIS of companies opting for Simples Nacional (Complementary Law nº 193/2022), approved by the National Congress in March 2022.

If you have any questions or want to better understand the impacts on your company, Almeida Advogados has a team specialized in Tax Law, updated daily and available to resolve any issues related to the topic presented.

Authors: partner Rodrigo Petry Terra and lawyer Fabio Catta Preta Casella