Brazil’s lower house passed a bill on Wednesday that determines a cap between 17% and 18% for state-level ICMS tax on fuel, natural gas, electricity, communications and public transport as it labels them as essential goods and services.
- 403 lawmakers voted in favor and 10 voted against the bill
- Lawmakers voted against amendments that could change the text and now it moves to Senate
- Text requires the federal govt to compensate states that suffer a reduction greater than 5% in tax collections until Dec. 31, 2022
- Compensation will be made through proportional debt relief with the federal govt
(Updated with ...
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