Brazil has implemented the increase to the social contribution on profits (CSLL) applicable to financial institutions from 15% to 20% (nonfinancial companies pay CSLL at 9%) that was part of the Provisional Measure (PM) 675/2015, published in the official gazette on 22 May 2015.
The 20% CSLL for financial institutions will apply to:
- Banks of any kind;
- Stock and securities distributors;
- Stock, securities, and currency brokers;
- Credit, financing, and investment societies;
- Real estate cr…