The Chamber of Deputies approved this Wednesday night (1) the text that changes the Income Tax (IR) rules for both individuals and companies.
The voting score was 398 votes in favor and 77 votes against. According to the rapporteur, deputy Celso Sabino (PSDB-PA), despite the reduction in taxes, there will be no drop in state and municipal revenue, since other compensation mechanisms are provided for in the project.
The approved version of the text provides for a 7% cut in the income tax rate for companies, which drops from 15% to 8%. The text also provides for unprecedented taxation of the financial market, which will now have a 20% rate on profits and dividends. According to Sabino, this tax would offset the reductions in income tax on individuals and companies.
“Voting in favor of this project today means voting in favor of the maid, the teacher, the person who works in households. It means voting in favor of many workers in Brazil. Not only half will be exempt, all other groups will have a reduction in Personal Income Tax”, declared Sabino in the plenary.
For individuals, the reform of the IR will update the current table. Formal workers who receive up to R$ 2.5 thousand in monthly salary would be exempt from any contribution. The limit for exemption from income tax is currently R$1.9 thousand. The new table, according to the federal government, will exempt 5.6 million taxpayers.
In the proposal, all taxable salary ranges will have tax cuts. Formal workers with monthly income above R$ 2.5 thousand who opt for the simplified declaration will have the possibility of deducting 20% of the income tax, with a maximum limit of R$ 10,563.60.
The text also brings new rates for minerals, which are now taxed at 5.5%. The text goes on for consideration by the Senate.
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