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Brazil President Vetoes Elimination of Payroll Tax

July 10, 2020, 12:55 AM

Brazilian business leaders took issue with the unexpected presidential veto of a measure eliminating a 20% payroll tax.

President Jair Bolsonaro on June 6 signed into law a bill passed by Brazil’s legislature that allows companies to reduce the salaries of their employees. This was contained in a government decree issued in April, but the legislature also added to that decree a measure extending for one year the elimination of a 20% social
security payroll tax for 17 labor-intensive business sectors. These companies would continue to pay a fee set at between 1% and 4.5% of their gross revenues instead...

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