Provisional Measure (PM) 1034/2021 would increase the social contribution tax on net income for Brazilian financial services entities from 1 July 2021 to 31 December 2021. Brazilian financial services entities should be prepared for the higher rate.
On 1 March 2021, Brazil’s President issued PM 2034/2021, which would increase the social contribution tax on net income by five percentage points for insurance companies, banks and other financial services entities. The new tax rates would apply from…