VATupdate

Brazil’s first phase of tax reform would increase the federal VAT tax rates for the insurance sector

The insurance sector (which includes both the reinsurance and pension sectors) needs to assess the potential impacts of this bill to their businesses. As written, it could raise the tax cost of insurance sector activities by imposing a higher rate on domestic transactions, preventing the industry from recognizing and generating certain tax credits, and increasing the cost of reinsurance abroad.

Source KPMG

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