Brazil Latest update: January 2011
Profile Brazil is a country located in South America. Its population is 191,5 million inhabitants (2009). The official currency is the Real (R$). Its Gross Domestic Product (GDP) amounts to R$ 3 143,0 billion21 (2009). Tax system (in effect in 2010)22 The Federal Government has authority over the following taxes: 1. Taxes on Income, Profits and Capital Gains Income Tax (Imposto sobre a Renda) CSLL – Social Contribution on Net Corporate Profits23 (Contribuição Social sobre o Lucro Líquido) 2. Taxes on Properties Rural Land Tax (Imposto Territorial Rural) 3. General Consumption Taxes COFINS – Contribution to Social Security Financing24 (Contribuição para Financiamento da Seguridade Social) PIS/PASEP – Contribution to the Social Integration Program and Contribution to the Civil Servant Asset Formation25 (Contribuição para o Programa de Integração Social y para o Programa de Formação do Patrimônio do Servido Público) 4. Excise Taxes IPI – Tax on Industrialized Goods (Imposto sobre Produtos Industrializados) Contribution to intervene in the economic domain of fuels26 (Contribuição de Intervenção no Domínio Econômico sobre as Operações realizadas com Combustíveis). 5. Taxes on Financial Transactions IOF – Tax on Credit, Foreign Exchange, Insurance and Securities Transactions (Imposto sobre Operações de Crédito, Câmbio e Seguro, ou relativas a Títulos e Valores Mobiliários).
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The translation billion refers here to the Spanish “miles de millones”. Does not include information on user charges (rights, licenses, fees, among others). 23 A tax, in spite of its name. 24 A tax, in spite of its name. 25 Taxes, in spite of their name. 26 A tax, in spite of its name. 22
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