Income tax reform should increase revenue by R$ 6.15 billion between 2022 and 2024

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The bill that change taxation on the income of companies and individuals, sent by the government to the National Congress, will represent an increase in collection of R$ 6.15 billion between 2022 and 2024, according to the Federal Revenue Service on Monday, 12.

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After criticism for not having presented the calculations that supported the changes, the Revenue today released an explanatory note on the reform, which details the impact of the changes in taxation. Initially, the Minister of Economy, Paulo Guedes, declared that the reform would have no effect, that is, it would neither increase nor reduce tax collection.

According to the note, the total impact of the reform will be an increase of R$ 2.47 billion in the payment of taxes in 2022, R$ 1.60 billion in 2023 and R$ 2.08 billion in 2024. it is mainly due to the taxation of dividends and the end of Interest on Equity (JCP). In 2022, the impact of the new rules is positive in BRL 19.42 billion for the public coffers, in 2023 in BRL 57.68 billion and, in 2024, BRL 61.04 billion.

Changes in income tax payment rules for financial investments also increase collections, with an expected increase of BRL 14.19 billion in 2022, BRL 80 million in 2023 and $50 million in 2024.

Real estate updating represents an increase of R$ 880 million next year and a reduction in tax collection of R$ 2.45 billion in 2023 and R$ 2.03 billion in 2024.

The biggest reductions in revenue will come from the cut in the IRPJ and CSSL rates: expected drop of BRL 18.52 billion in 2022, BRL 39.25 billion in 2023 and BRL 41.53 billion in 2024. Revenue estimates even though the revision of the income tax for individuals will contribute to a reduction of BRL 13.50 billion in taxes paid in 2022, BRL 14.46 billion in 2026 and BRL 15.44 billion in 2024.