Brazil Lower House Approves Tax Reform Bill

The Brazilian Chamber of Deputies July 7 passed Bill No. 45/2019, to reform the national tax regime by consolidating a range of federal, state, and municipal indirect taxes. The bill includes measures to consolidate: 1) industrialized product tax (IPI); 2) social integration contributions (PIS/PASEP); 3) social security contributions (COFINS); 4) state goods and service tax (ICMS); and 5) municipal service tax (ISS). The consolidated taxes would be replaced by a goods and services tax (IBS) at the municipal, state, and federal levels, and a tax on specific goods and services (Selective Tax) under federal jurisdiction. [Brazil, Chamber of Deputies, 07/07/23] ...