On 7 October 2015, Brazil published Law 13,169/2015 in the Official Gazette. This converts into law Provisional Measure 675/2015, which was published 22 May 2015 and increased the rate of social contribution on profits (CSLL) applicable for financial institutions from 15% to 20% effective 1 September 2015 (non-financial companies pay CSLL at 9%). For credit cooperatives, the law sets the CSLL rate to 17% from 1 October 2015.
For all financial institutions, the CSLL rate will revert to 15% fr…