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Brazil - Taxation
Foreign nationals who are tax-resident in Brazil are required to pay tax on their Brazilian and overseas-generated income, unless covered by a Double Taxation Treaty between Brazil and their home country, and must file an annual tax return in April. Foreign nationals become subject to tax-residence status if they stay in Brazil for more than 183 days in any 12 month period, and this status applies for 12 months after their last departure from Brazil.
Taxes are usually deducted direct from employee salaries by Brazilian companies, but payments of tax on other income must be made on a monthly basis at any commercial bank. Overall liability for tax is adjusted following the annual tax return.
Self-employed people can deduct expenses when calculating their income for tax purposes. Other deductions which apply to all taxpayers include education expenses up to a maximum of R$1,998 per year, and a monthly deduction per dependent.
Brazil has Double Taxation treaties a number of other countries, which mean that tax paid in one country can be offset against any tax payable in the other. There is currently no such agreement between Brazil and the United States.
Capital gains are generally subject to tax at 15% (with exceptions), and gains from the sale of securities on a public stock exchange are taxed at 20%, for all Brazilian residents. Non-residents have to pay 15% on capital gains relating to property in Brazil. There are no inheritance or wealth taxes in Brazil.
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