If approved by the President, the social contribution tax would increase by five percentage points for banks, insurance companies and other financial institutions beginning 1 July 2021.
The Brazilian Congress approved the conversion of Provisional Measure (PM) 1034/2021 into law, which would increase the social contribution on net profit (CSLL) by five percentage points for banks, insurance companies and other financial institutions from 1 July 2021 to 31 December 2021. The CSLL would return to t…