Brazil's Legislature Considering A VAT, Individual Tax Reform
by Mike Godfrey, Tax-News.com, Washington
25 July 2019
Legislative proposals are being considered in Brazil's bicameral legislature to replace Brazil's various indirect taxes and social security contributions with a value-added tax and an additional, federal tax on certain supplies.
Under the proposals, the following levies would be subsumed by VAT, which would be known as IBS, and the "selective tax": the tax on industrialized goods, IPI; the social security contributions PIS and Cofins; the state sales tax ICMS, and the municipal services tax ISS.
Under two bills tabled in the two houses of parliament, the VAT and selective tax would be introduced over a period of between 10 and 15 years.
According to local media reports, proposals have also been tabled for personal income tax reform, to introduce higher rates of tax of up to 40 percent on the highest income earners, up from a top rate of 27.5 percent currently. The tax-exempt threshold is also proposed to be raised.
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