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April 29, 2022
2022-0701

Brazil increases social contribution on net profits rate for financial institutions and insurance companies

The social contribution on net profits rate is increasing by one percentage point for financial institutions and insurance companies.

On April 28, 2022, Brazil published Provisional Measure No. 1,115, which increases the social contribution on net profits (CSLL) rate by one percentage point for banks, insurance companies and other financial institutions, until December 31, 2022.

The CSLL rates increased:

  • From 20% to 21% for banks
  • From 15% to 16% for insurance companies, securities distributors, exchange and securities brokers, credit, financing and investment companies, real estate credit companies, card administrators, leasing companies and credit cooperatives

The Provisional Measure is effective on the first day of the fourth month following its publication.

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Ernst & Young LLP (United States), Latin American Business Center, New York
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   • Enrique Perez Grovas (enrique.perezgrovas@ey.com)
 

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