Thursday, Mar 20 2025 | Time 01:12 Hrs(IST)
WorldPosted at: Mar 19 2025 1:29PM


Brazil unveils broader income tax exemption plan

Rio De Janeiro, Mar 19 (UNI) Brazil's government announced a plan on Tuesday to exempt individuals with gross salaries of no more than 5,000 reais (881.35 U.S. dollars) per month from income tax, local media reported.
Currently, Brazil's income tax exemption threshold stands at 2,824 reais (497.78 dollars).
"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," said Brazilian President Luiz Inacio Lula da Silva. The bill addresses a promise Lula made during his 2022 presidential campaign.
The Ministry of Finance said the measure will probably benefit 13.4 million formal workers, or 32 percent of all formal workers in Brazil, in addition to the over 10 million workers who already qualify for tax exemption.
If the law is approved this year, the new rule is set to take effect in 2026, according to the ministry.
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