Brazil's lower house passes tax reform bill

SGGP 07/10/2023 08:05

Brazil's lower house of Congress has just passed a tax reform bill proposed by the government of President Luiz Inácio Lula da Silva.

This is considered a historic step to simplify the complex tax system in Latin America's largest economy . According to regulations, the bill will be sent to the Senate for approval in two rounds of voting, before being sent to the president to sign into law. The Brazilian government proposed this reform bill to completely change the complex tax system that has been in place since the 1960s.

The bill focuses on simplifying administrative procedures and eliminating overlapping taxes between the central and local governments, while helping to prevent tax evasion. Brazil's Ministry of Finance estimates that the tax reform will help increase the country's Gross Domestic Product (GDP) by 12% over the next 15 years.

Source: https://www.sggp.org.vn/ha-vien-brazil-thong-qua-du-luat-cai-cach-thue-post696747.html