On 19 November 2015, Brazil published National Congress Act 44/2015 in the Official Gazette. The Act extends the validity of Provisional Measure (PM) 694/2015, which was published on 30 September 2015 ({News-2015-10-14/A/2- previous coverage}). PM 694 introduced changes in the Interest on equity capital (JCP) deduction, increased the withholding tax rate on JCP, and suspended certain R&D incentives.
PM 694 must be approved within 60 days to remain in effect.