Brazil's government submits rules to streamline consumption taxes

Brazil's Finance Minister Fernando Haddad attends an interview with Reuters in Brasilia, Brazil, October 18, 2023. REUTERS/Adriano Machado/File photoBRASILIA, April 24 - Brazil's government submitted proposed rules to Congress on Wednesday to carry out a historic tax overhaul approved last year, a key element of President Luiz Inacio Lula da Silva's strategy to foster growth in Latin America's largest economy.

The reform's goal is to enhance productivity by streamlining Brazil's complex tax framework, known for burdening businesses with significant compliance costs. It also introduces a selective tax targeting products considered harmful to the environment and health. With the reform and its regulation, the expectation is that the system will become digital and curb evasion and fraud, which could pave the way for this rate to be reduced even with the foreseen exceptions for some sectors, he said.

Source: Financial Digest (financialdigest.net)

DBT ECO GEN GFIN GVD LAW MCE PLCY POL TAX AMERS BR EMRG LATAM SAMER CIV BISV ECON PACKAGE:WORLD-NEWS

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