The Brazilian Federal government on 23 November 2018 published Decree 9,580/2018, which repeals and replaces the Income Tax Regulations that had been in place since 1999. The new Regulations substantially change the drafting of its previous version in various articles.
Changes were not expected to take place this year, especially in light of the presidential elections that took place less than one month ago.
The new Regulations are binding on the Brazilian Federal Revenue Department, thus changes in the drafting may lead to the authorities taking action against taxpayers. However, it must be kept in mind that Regulations are hierarchically inferior to Federal Laws and the Brazilian Federal Constitution (which contains many provisions addressing tax matters).
The new Regulations came into force on the day they were published.
Last modified: March 20, 2019