Brazil Politics: Haddad Sees Tax Reform Finished by December

Brazil’s Senate approved a reform to simplify the country’s tax code on Wednesday, with 53 votes in favor and 24 against. Lawmakers approved the proposal of the reform in two rounds that required 49 votes. The text will need to go through the lower house again due to changes made by the senators.

The plan provides for the replacement of five existing levies with two value-added taxes: A tax on goods and services, or IBS, and a contribution on goods and services, or CBS. It also includes a so-called selective tax that charges an extra levy on items like cigarettes ...