BRASILIA, Sept 15 (Reuters) - Brazil’s Senate on Tuesday approved a presidential decree raising the income tax on banks and other financial institutions to 20 percent from 15 percent by 2019.
The tax, known by its Portuguese acronym CSLL, is one of several measures Brazilian President Dilma Rousseff has sought to help plug a budget shortfall. The decree has already passed the Chamber of Deputies, Brazil’s lower house of Congress, and returns to Rousseff for her signature.
Brazilian presidents can write legislation and issue it as a temporary decree that only takes permanent force if passed by both houses of Congress. Congress must also vote on such decrees before they take up normal leglislation. (Reporting by Leonardo Goy and Jeb Blount; Editing by Grant McCool)