Brazilian Senator Proposes Higher CSLL Rate on Financial Institutions and Abolishing JCP Deduction

Brazilian Senator Gleisi Hoffmann has proposed revising Provisional Measure 675/2015 to include a higher increase in the social contribution on profits (CSLL) rate for financial institutions from 15% to 23%, instead of the increase to 20% that is to take effect 1 September 2015 ({News-2015-05-28/A/2- previous coverage}). Except for credit cooperatives, which would be subject to the 20% rate, the proposed 23% rate would apply to:

• Banks of any kind;
• Stock and securities distributors;
• Stock, se…