RIO DE JANEIRO, BRAZIL - Pensioners and retirees of the National Institute of Social Security (INSS) will have relief in their pockets if the proposed tax reform increases the exemption limit of individual income tax (IR) from R$1,903.98 to R$ 2,500 is approved by Congress.
Currently, 23,683,780 beneficiaries receive up to R$2,500 (US$1,385.91), according to INSS data.
Of this total, 15,303,004 beneficiaries are older than 65, which guarantees their right to a double income tax exemption. That is a bonus within the limit of R$1,903.98 . . .