- The Brazilian Chamber of Deputies has approved a tax reform bill that aims to consolidate various indirect taxes at the federal, state, and municipal levels.
- The bill includes the consolidation of taxes such as the industrialized product tax (IPI), social integration contributions (PIS/PASEP), social security contributions (COFINS), state goods and service tax (ICMS), and municipal service tax (ISS).
- These consolidated taxes would be replaced by a goods and services tax (IBS) at the municipal, state, and federal levels, as well as a selective tax on specific goods and services under federal jurisdiction.
- This tax reform bill aims to simplify the tax regime in Brazil and streamline the tax collection process.
- The approval of this bill is a significant step towards implementing tax reforms in Brazil and could have a significant impact on businesses and taxpayers in the country.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
