Brazil favors wider VAT tax regime and is contemplating a new VAT at 12% to replace two consumption taxes. Further elements of the reform are expected in 20 to 30 days.
Taxpayers need to evaluate the potential impacts of this bill to their businesses. This bill is intended to be the first phase of a comprehensive tax reform. Although the bill would simplify the Brazilian tax system, it also would create issues that taxpayers will need to consider.
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