- Brazilian states are adjusting their internal standard rates due to concerns about the impact of the Brazilian Tax Reform on their autonomy in regulating and collecting ICMS.
- After the Tax Reform, ICMS will be collected centrally and distributed to the Federation Units based on a new method.
- States are encouraged to increase their rates to optimize collection.
- 10 states and the Federal District have already made the changes official, while others are still in the voting process.
- The changes will have immediate repercussions on final prices of various products.
Source: vertexinc.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.
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