Brazil Converts Monthly Individual Tax Bracket Revisions into Law

The Brazilian government has issued a release announcing that President Luiz Inácio Lula da Silva signed Law 14,848/2024 on 1 May 2024, which converts Provisional Measure No. 1.206 of 6 February 2024 into law. As previously reported, this provides for a revision of the monthly individual income tax brackets/rates as follows with effect from the month of February 2024:

• up to BRL 2,259.20 - 0%
• from BRL 2,259.21 to 2,826.65 - 7.5%
• from BRL 2,826.66 to 3,751.05 - 15.0%
• from BRL 3,751.06 to 4,6…