Brazil's lower house of Congress approved on Friday the main text of a tax reform that will restructure the country's complex consumption taxes, a move President Luiz Inacio Lula da Silva touted as a 'great victory'.
A general view shows the plenary of the Chamber of Deputies during a session to vote on a constitutional amendment that increases the government spending ceiling in Brasilia, Brazil December 20, 2022. REUTERS/Adriano Machado/File Photo
Lawmakers in the chamber voted in two rounds to approve the reform and concluded it later in the day. The bill will now be sent to the Senate, where it will also be voted on in two rounds. The approved proposal also shifts the tax basis from where goods are produced to where they are consumed over a 50-year transition period, starting in 2029.
"It's a necessity for our economy so our productivity can advance," Finance Minister Fernando Haddad said. "The outdated way in which taxes are currently organized greatly hinders industry, commerce and services."
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