Brazil and the OECD will release an analysis of the country’s tax system in July, moving Brazil closer to joining the organization.

The country has been working with the Organization for Economic Cooperation and Development since 2018 on a project to align Brazil’s rules for taxing multinational companies with international standards. The analysis could lead to a revamping of the country’s tax system—a prerequisite to gaining OECD membership.

As part of the work, the OECD has spent the last year...