Change in the CSLL rate for financial institutions

The increase of Social Contribution rate on Net Income (CSLL) applicable to certain financial and similar institutions, brought by Law 13169 in 2015 (conversion of the Provisional Measure 675/2015), is not in force as of Jan-01-2019.

A 15% rate is now applied to the activities of legal entities listed below:

a) Private insurance;

b) Capitalization;

c) Banks of any kind;

d) Securities distributors;

e) Foreign exchange and securities brokers;

f) Credit, financing and investment companies;

g) Real estate credit companies;

h) Credit card administrators;

i) Leasing companies;

j) Savings and loan associations;

k) Development agencies;

l) Credit unions

It is noteworthy that the aforementioned increased rates of CSLL were applied during a given period - at 20% rate from Sep-01-2015 to Dec-31-2018, and 17% rate for credit cooperatives from Oct-1-2015 to Dec-31- Dec-31-2018.