- Indirect Tax Reform: Brazil has enacted Complementary Law No. 214, regulating a significant indirect tax reform that replaces three federal taxes (PIS, COFINS, IPI), one state tax (ICMS), and one municipal tax (ISS) with two new taxes: CBS (Contribution on Goods and Services) and IBS (Tax on Goods and Services).
- Selective Tax Introduction: The law introduces a new federal selective tax (Imposto Seletivo – IS) on goods and services deemed harmful to health and the environment, alongside detailed regulations on taxable events, payment procedures, credit usage, and refunds.
- Implementation Timeline: The new tax system will be phased in gradually, with partial implementation starting in 2026 and full implementation expected by 2033, including specific provisions for various sectors such as fuel, finance, healthcare, and real estate.
Source
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