According to information released by the Federal Revenue of Brazil, as of May 23rd, 25,094,079 individual Income Tax returns were submitted, referring to the 2021 calendar year.
The agency expects to receive 34.1 million submissions this year, so the number received so far is about 73% of the total.
The deadline for submitting the income tax return is on May 31st, so 9,005,921 Brazilians, corresponding to 27% of the expected, still need to send their income tax return.
The Brazilian Senate has passed a bill of law setting out new regulations on the rendering of services related to virtual assets. The bill also provides tax benefits for the import, industrialization or sale of devices, and software used in processing, mining and preservation activities involving virtual assets carried on by legal entities.
The bill provides for the reduction to 0% of the rate of the contribution to the Social Integration Programme (PIS); contribution for the financing of social security (COFINS); federal import tax; and federal tax on manufactured products.
The rate reduction described above would only apply to devices and software intended for projects that use 100% of their need for electricity from renewable sources and that neutralize 100% of the greenhouse gas (GHG) emissions from these activities. The reduction would apply until 31 December 2029.
The Federal Revenue of Brazil will released the consultation to the first batch of Income Tax 2022 refund on May 24th. Payment will be made to 3,383,969 taxpayers on May 31st, the same day that the deadline for the taxpayer to deliver the income tax return.
The amount of R$ 6.3 billion will be allocated to taxpayers who have legal priority, with 226,934 elderly taxpayers over 80 years of age, 2,305,412 taxpayers between 60 and 79 years of age, 149,016 taxpayers with some physical or mental disability or serious illness and 702,607 taxpayers whose main source of income is teaching.
On May 23rd, the Brazilian federal government announced a further 10% reduction in the Import Tax rates on 6,195 tariff codes of the Mercosur Common Nomenclature (NCM).
The measure covers goods such as beans, meat, pasta, cookies, rice, construction materials, among others from the block's Common External Tariff (TEC).
These items had already had a 10% reduction in November last year, according to Resolution No. 269/2021.
Considering the new measure and the previous one, more than 87% of the NCM tariff codes had their rate reduced to 0% or reduced by a total of 20%.
