A major overhaul of Brazil’s taxation system has been approved by the country’s Senate in a move that will see five existing taxes replaced with two new indirect taxes and a significant simplification of its tax code.
In an historic vote last Wednesday (8th November), the Senate voted by 53 to 24 in favour of implementing the wide-ranging proposal from Luiz Inacio Lula da Silva’s government. However, it must still be ratified by the House in a further vote in which it will require a 60% majority in order to be enshrined in law.
Source Innovate Tax
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