VATupdate

Draft tax reform bill proposes elimination of PIS/COFINS and creation of federal VAT

In this first phase, the federal government has proposed the elimination of PIS and COFINS and the creation of a new tax replacing them known as CBS (social contribution over operations with goods and services). Like PIS and COFINS, CBS would be levied on imports and local sales of goods and services.

Source: Deloitte

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