Brazil Lower House Approves Tax Income Exemption Bill

Approval came with all the 493 lawmakers voting in favor of the proposal.

• Bill now needs Senate approval before Lula signs it into law
• Bill exempts from income tax Brazilians who earn up to 5,000 reais a month and lowers the rate for those who make up to 7,350 reais
• Compensation for the loss in revenue, which is expected to amount to 25.8 billion reais yearly, would come from imposing a gradual rate to about 141,000 people who make more than 600,000 reais a year
• Rate could reach 10% for people who make above 1.2 million reais a year
• Bill ...