Brazil has published Law No. 14.466 of 2 September 2022 in the Official Gazette, which converts Provisional Measure No. 1.115 of 28 April 2022 into law. As previously reported, the Provisional Measure (now law) temporarily increased the social contribution on profits (CSLL) rates for financial institutions by 1% as follows:

• 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 companies;
  • credit unions; and
  • savings and loan associations; and
• The 20% rate that applies for banks of any kind is increased to 21%.

The increases are effective from 1 August 2022 to 31 December 2022.