The Subway sandwich franchise in Brazil has filed for a form of bankruptcy or judicial reorganization. In a recent court filing, the owner of the chain, SouthRock Capital, requested recuperação judicial, which allows financially distressed companies to restructure their debts with creditors. It’s similar to filing for Chapter 11 bankruptcy in the US.Subway isn’t the
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Tax Season Begins in Brazil
The period for individuals to file their 2024 tax return declarations with the Brazilian federal revenue authority (Receita Federal) has started. Tax residents on December 31, 2023, have a little more than two months to report their worldwide income and assets, and if due, pay the tax.The filing period used to be from early March…
Brazil Welcomes 2024 with Minimum Wage Increase
For millions of workers in Brazil, 2024 is already off to a good start. Effective January 1, the national minimum wage rose from BRL$1,320 (approximately US$270) to BRL$1,412 (US$290). That marks a 6.97% salary increase.The minimum wage has increased steadily over the past few years. In February 2020, for example, it was BRL$1,045 per month.…
New Rules for Fixed-Odds Betting in Brazil
Authorized since December 2018, fixed-odds betting has grown significantly in Brazil. As of the end of 2023, approximately 3,000 websites and apps for betting generated BRL$12 billion. That’s over US$2.4 billion! But until recently, both companies and players were navigating an unregulated field.Law 14790/23, which went into effect in December 2023, now sets the rules…
Brazil’s Flat Tax on Foreign Crypto Investments
Brazil recently enacted a law that significantly alters the way cryptocurrency investments held on foreign exchanges are taxed. The move is part of a broader strategy by the federal government to increase its tax revenue, particularly from assets held outside Brazil.Previously, Brazilian residents who invested in cryptocurrency enjoyed a tax exemption on their investments under…
Brazil’s Yearly Tax on Offshore Profits
There’s yet another new tax law in Brazil this year. Law No. 14.754/2023, which went into effect on January 1, is known as the The Tax on the Super-Rich.Over the past few years, it’s become a trend among wealthy Brazilians to hold financial investments offshore through companies based in tax havens. That’s because the law…
Brazilian Beaches Enforce Ban on Speakers
Brazil is synonymous with its beaches. Whether you’re there for tourism or business, odds are you’ll find your way to the sand. But what should be a tranquil experience has become marred by a common annoyance: the blaring sound of loud music. Beachgoers with speakers have transformed Brazil’s beaches into noisy hotspots.Guarujá, a coastal city…
Brazil Reforms Its Tax System
Unprecedented. Landmark. Monumental. These are just some of the adjectives being used to describe Brazil’s recent tax reform. No matter how you describe it, it’s truly a significant development.Brazil has one of the most complicated tax systems in the world. In the last edition of its Doing Business Report, the World Bank stated that companies…
Brazil Tightens CPF Application Process for Foreigners
Navigating the complexities of Brazilian bureaucracy has become more challenging for foreigners seeking to do business in Brazil. A significant change in the CPF (Cadastro de Pessoas Físicas) application process was recently implemented by the Brazilian government. The CPF, a taxpayer ID number necessary for owning assets and conducting business in Brazil, can no longer…
Brazilian City Enacts Law Written By ChatGPT
Remember when a Brazilian judge used ChatGPT to write a court decision? Well, that didn’t go so well. The decision cited jurisprudence that was completely made up. Yet now, it seems lawmakers in Brazil are also experimenting with AI.A law that was unanimously passed by the Brazilian city of Porto Alegre turns out to have…