In a press release issued on August 22, 2023, Congressman Arthur Lira, President of the Chamber of Deputies, announced that the provisions regarding the taxation of offshore income, introduced by Executive Measure (EM) No. 1,171/2023, will be removed from the EM’s proposal.

The subject had been introduced through EM 1,171/2023, which, in addition to the taxation of offshore income, also adjusted the income tax table (Carnê-Leão). This adjustment was incorporated into the text of Executive Measure 1,172/2023, which dealt with the minimum wage increase.

Lira informed that there was an agreement between the executive and legislative branches to remove the provisions related to the taxation of offshore income and present them in the form of a Bill, which is still pending submission by the Presidential Palace.