Brazil's Senate approves income tax increase for banks

September 15, 2015 10:51 PM

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BRASILIA, Sept 15 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.

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