The Brazilian government presented regulations to introduce a new dual value added tax (VAT) regime under the tax reform bill to Congress on 24 April 2024. The bill is subject to discussions and potential revisions by the Senate before being submitted for presidential approval. The tax reform bill includes the enactment of a dual VAT regime, replacing the state VAT and municipal tax on services with a tax on goods and services (IBS), and replacing federal contributions and excise taxes with a contribution on goods and services (CBS). The transitional period for the introduction of the new regime is set to begin in 2026, with full implementation expected by 2033.
Source KPMG
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