On 21 December 2022, the Brazilian government issued a provisional measure (PM 1,147/2022) amending Law No. 14,148/2021, which introduced the Emergency Program for the Recovery of the Events Sector (“PERSE”) and established a 0% rate for corporate income taxes (IRPJ and CSLL) and federal gross revenue taxes (PIS and COFINS) for a period of five years as from 18 March 2022. The PM reinforces certain limitations and guidance on the practical application of the reduced rate provided in a normative ruling (NR 2,114/2022) issued by the Brazilian tax authorities on 31 October 2022.
Source Deloitte
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