Brazil Temporarily Increasing Social Contribution on Profits for Financial Institutions

Brazil has published Provisional Measure No. 1.115 of 28 April 2022, which temporarily increases the social contribution on profits (CSLL) rates for financial institutions by 1%. This includes:

• The 15% rate that applies for the following is increased to 16%:
  • private insurance companies;
  • capitalization companies;
  • distributors of securities;
  • foreign exchange and securities brokers;
  • credit, financing, and investment companies;
  • real estate credit companies;
  • credit card administrators;
  • leasing c…