Brazil approves the long-awaited consumption tax reform

• Brazil approves the long-awaited consumption tax reform, aiming at unifying and reducing the number of taxes, simplifying tax laws, and providing for an actual VAT system;
• The new system will be subject to a transitional period from 2024 to 2032, during which both systems will coexist, demanding companies to be prepared for more difficulties on tax compliance; and
• In 2026, the charge of the new taxes will begin, demanding companies to start preparation for changes in their systems.

Source WTS

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