18 million have not yet submitted documentation for income tax returns, even with a new deadline
According to the Federal Revenue, until April 25th, 16,153 million income tax returns for 2022, calendar year 2021, had been delivered.
The delivery deadline, which started on March 7, has been extended to May 31.
By the numbers, about 18 million taxpayers obliged to render accounts with the tax authorities have not yet sent the documentation. In all, 34.1 million documents are expected.
Brazilian government extends tax reduction on industrialized products to 35% for a list of products
A new decree expanding the reduction of the Tax on Industrialized Products (IPI) from 25% to 35% was signed on April 28th by President Jair Bolsonaro.
The measure comes into force on May 1st and the lower rate will be applied to automobiles, home appliances of the so-called "white line", such as refrigerators, freezers, washing machines and dryers, and other industrialized products.
The purpose of the tax reduction is to encourage national industry and commerce for the recovery of the economy. The sector believes that the measure can still reduce the prices of industrialized products and, in this way, contribute to controlling inflation.
Senate approves income tax exemption on employee profit sharing
By 13 votes to zero, the Economic Affairs Committee (CAE) approved a favorable opinion on the Bill (PL) 581/2019, by Senator Álvaro Dias, which applies the same legal regime to the Profit Sharing (PLR) of companies tax on profits or dividends distributed to its partners or shareholders.
The objective is to extend the exemption from Income Tax levied on profits to company employees as well.
As the text approved this on April 27th is final in the Economic Affairs Committee (CAE), it will be analyzed directly by the Chamber of Deputies.
Bill that regulates the cryptocurrency market is approved in the Brazilian Senate
On April 26, in a symbolic vote, the Senate approved the Bill (PL) that regulates the cryptocurrency market in Brazil.
The Bill covers digital currencies and cryptoassets, such as NFT’s (Non-Fungible Tokens) and stablecoins, which is a cryptocurrency linked to traditional market assets, such as the dollar and gold.
The approved text defines concepts, guidelines, Exchange licensing systems, platforms for buying and selling cryptos, which will be under supervision and inspection by the Central Bank (BC) and the Securities and Exchange Commission (CVM).
The objective is to establish rules to guide the commercialization of crypto-assets in Brazil, in addition to rules for consumer protection and defense, combating financial crimes and transparency of operations.
