On 4 May 2015, Brazil published National Congress Act 16/2015 in the Official Gazette. The Act extends the validity of Provisional Measure (PM) 670/2015, which was published on 11 March 2015, and sets out the monthly individual income tax brackets.
The monthly income brackets and rates are 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 thresh…