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
Latest Posts in "Brazil"
- Brazil Updates Digital Tax Bookkeeping System for ICMS and IPI with Error Corrections
- Brazil’s Tax Reform: E-Invoicing Overhaul and Split Payment Challenges for Global Companies
- Brazil Introduces Tax Incentives to Boost Datacentre Investment and IT Exports Under New Regimes
- São Paulo Eliminates ICMS Tax Substitution for Hundreds of Products Starting 2026
- Trickiest countries in which to achieve compliance
