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Brazil introduces expanded income tax exemption regulation
(MENAFN) On Tuesday, Brazil's government unveiled a plan to release individuals with monthly earnings up to 5,000 reais (881.35 U.S. dollars) from income tax, according to media report.
This new threshold is an increase from the current exemption limit of 2,824 reais (497.78 USD).
Brazilian President Luiz Inácio Lula da Silva described the initiative, stating: "This is a neutral project. It won't increase the country's tax burden by a cent. What we're doing is just making amends." This proposal honors a commitment made by Lula during his presidential campaign in 2022.
According to the Ministry of Finance, the initiative is expected to assist around 13.4 million formal employees, or 32% of all formal workers in Brazil, in addition to the more than 10 million workers who already qualify for tax exemption.
Should the law receive approval this year, the new regulation is expected to be implemented in 2026, the ministry reported.
This new threshold is an increase from the current exemption limit of 2,824 reais (497.78 USD).
Brazilian President Luiz Inácio Lula da Silva described the initiative, stating: "This is a neutral project. It won't increase the country's tax burden by a cent. What we're doing is just making amends." This proposal honors a commitment made by Lula during his presidential campaign in 2022.
According to the Ministry of Finance, the initiative is expected to assist around 13.4 million formal employees, or 32% of all formal workers in Brazil, in addition to the more than 10 million workers who already qualify for tax exemption.
Should the law receive approval this year, the new regulation is expected to be implemented in 2026, the ministry reported.
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