- Brazil approved new legislation on consumption and transactional taxation on 20 December 2023
- The main objective is to simplify levies on goods and services
- After a 7-year transition period, taxation will be based on a dual VAT system
- Changes include replacing five separate consumption taxes with CBS and IBS, creating an excise tax, and implementing a single tax rate
- The tax rate is still to be defined by future legislation
- The reforms aim to create a better commercial environment and attract more investors to Brazil.
Source: ecovis.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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