The Chamber will vote on income tax exemption next week, confirms Motta

The President of the Chamber, Hugo Motta (Republicanos-PB), announced this Tuesday 23 that the House will vote on Wednesday, October 1, on the bill that exempts those who earn up to 5 thousand reais per month from Income Tax .

The bill's rapporteur, Arthur Lira (PP-AL), presented his opinion to the leadership committee this Tuesday. "We will move forward with balance and dialogue, working on important issues for Brazil," Motta stated, amid the friction caused by the approval of the Shielding Amendment Proposal (PEC) and the urgency of amnesty for coup plotters in the Chamber.

Already approved by a special committee, Lira's substitute bill raises the maximum income that will have a partial tax reduction from the initially planned 7,000 reais to 7,350.

The project also establishes higher rates for those earning over R$600,000 per year, reaching 10% for incomes exceeding R$1.2 million per year, in addition to creating a 10% withholding tax on profits and dividends over R$50,000 per month paid by the same company.

The government estimates that these measures will raise 34 billion reais per year, an amount sufficient to cover the estimated loss of 25.8 billion reais from the exemption and discounts.