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Official languages

ISO 4217



212,559,417 (as of July 2020)

Brazilian Real


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Brazil has a large and diverse economy, with a GDP of $2.2 trillion in 2019, making it the 8th largest economy in the world. It is the largest economy in Latin America and the second largest in the Western Hemisphere. Brazil is a major exporter of commodities such as iron ore, soybeans, and coffee, and is also a major producer of oil and natural gas. The country has a large agricultural sector, accounting for about 10% of its GDP, and is the world's largest producer of sugarcane and coffee. Brazil also has a large manufacturing sector, which accounts for about 20% of its GDP. The country is a major exporter of manufactured goods, such as automobiles, aircraft, and electronics. Brazil is also a major tourist destination, with over 6 million international visitors in 2019. The country has a large service sector, which accounts for about 70% of its GDP. Brazil is a major financial center, with the largest stock exchange in Latin America. The country has a strong banking sector, with over 100 banks operating in the country.


Taxation in Brazil is governed by the Federal Constitution of 1988, as well as various federal, state, and municipal tax laws. The tax system in Brazil is administered by the Federal Revenue Service (Receita Federal) and state and municipal tax authorities.

Personal income tax is levied on all residents of Brazil, as well as non-residents who earn income in the country. The tax rates are progressive, ranging from 0% to 27.5%, depending on the income level. The first BRL 1,903.98 of annual income is exempt from taxation, and there are various deductions and credits available to reduce the tax liability.

Corporate income tax is levied on all companies and businesses operating in Brazil. The standard corporate tax rate is 15% on the net taxable income. However, certain businesses may be eligible for tax holidays or reduced tax rates under certain circumstances.

In addition to federal taxes, there are also state and municipal taxes levied on businesses operating in Brazil, such as the state-level value-added tax (ICMS) and municipal-level service tax (ISS).

The tax year in Brazil runs from January 1st to December 31st. The deadline for filing personal income tax returns is usually April 30th of the following year, while the deadline for filing corporate tax returns is generally June 30th. Taxpayers are required to make advance tax payments on a monthly or quarterly basis, depending on the level of taxable income.

Payments can be made online or in person at designated banks. The penalty for late payment or non-payment of taxes can range from 0.33% to 20% of the tax due, depending on the severity of the offense. Additionally, interest may be charged on any outstanding tax liability.

Overall, taxation in Brazil is a complex system, with different taxes levied at various levels of government. It is important for taxpayers to consult with local tax advisors or government authorities to ensure compliance with the relevant tax regulations.

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