The Tax Reform Working Group presented the first version of the text, the government requested an urgent status for the CBS and IBS Tax Reform bill, and Lula will participate in the Mercosur Summit next week

BRAZIL POLITICS - Report 05 Jul 2024 by Murillo de Aragão and Cristiano Noronha

The House Working Group on Tax Reform regulation on the Goods and Services Tax (IBS) and Contribution on Goods and Services (CBS) presented the first version of the text. The Selective Tax will be levied on vehicles, vessels, and aircraft, tobacco products, alcoholic and sugary beverages, mineral goods, and gambling. Yesterday, the government requested constitutional urgent status for the CBS and IBS Tax Reform bill. This means that each House of Congress has 45 days to vote on the text. Next week, Lula will participate in the Mercosur Summit. The President of Argentina, Javier Milei, will not attend.

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