Brazil Gazettes Normative Instruction Amending Normative Instruction on Individual Income Tax Rules

The Brazilian Official Gazette Dec. 18 published Normative Instruction RFB No. 2,299, amending individual income tax rules. The normative instruction includes measures: 1) updating the list of tax-exempt income from social security, indemnities, equity interests, sales of assets and rights, and other specified sources; 2) applying a 25 percent withholding tax on income paid to nonresidents for specified services, and using progressive tables for pensions and retirement income; 3) clarifying definitive taxation of capital gains from selling foreign currency, gold, and off-exchange futures; 4) applying a 10 percent withholding tax on dividends and profits exceeding 50,000 Brazilian reals (US$9,057) per ...