Brazil Tackles One of World’s Most Complicated Tax Codes (2)

Brazil’s senate approved a reform to simplify one of the world’s most byzantine tax codes.

Lawmakers approved the proposal of the reform in two rounds. The text will need to go through the lower house again due to changes made by the senate.

The bill reduces the number of levies, streamline tax rates and eliminate distortions that have long burdened Latin America’s largest economy.

The plan sponsored by President Luiz Inacio Lula da Silva has eluded different administrations and lawmakers for the past three decades, and its approval could bring significant economic gains just by eliminating inefficiencies. Brazil’s tax system ...