Senate should vote on IR exemption for those earning up to R$5,000 at the beginning of November

The Federal Senate must vote, by the first half of November, on the project that expands the Income Tax (IR) exemption range for those earning up to R$5,000 per month and creates minimum contribution rates for income above R$50,000 per month.

The proposal, approved by the Chamber of Deputies on October 1st, is being processed by the Economic Affairs Committee (CAE) and will be discussed in a series of public hearings until Friday (24).

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The proposal’s rapporteur, senator Renan Calheiros (MDB-AL), stated that he intends to complete the opinion within 30 days and avoid changes that would make the text return to the Chamber.

“Whatever has to be amended, will be amended. Whatever has to be suppressed, will be suppressed. But our effort is to ensure that the matter does not return to the Chamber”, said Renan.

The government is rushing to approve the project in 2025, so that the new rules come into force in 2026. The measure has strong popular appeal and is seen as one of the main economic letters of President Luiz Inácio Lula da Silva (PT) and his allies in the pre-election period.