Taxation: changes on taxes in Brazil

Brazil´s President Michel Temer continues to push the Fiscal Reform in Brazil, which according to Doing Business report 2016, accounts for more than 60 different taxes and a company spends, in average, 2.600 hours to pay them (in contrast with the Latin American and Caribbean average of 503 hours).

The new tax model would, in the long-run, replace 7 federal taxes (IPI, IOF, CSLL, PIS, Pasep, Cofins and Education-Salary), the State Tax on Goods and Services (ICMS) and the Municipal Tax on Services (ISS) with 3 taxes (“Value-Added Tax”, the “Selective Tax” and the “Social Contribution on Operations and Financial Transactions”).

Although the President is ambitious to carry out reforms even in 2017, the changes and improvements are already taking place in a steady manner and are more likely to be a slow and complicated process.

 

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