September 13, 2019 / 7:10 PM / 3 months ago

Brazil to create federal VAT tax, President against new 'CPMF' tax - Economy Minister

RIO DE JANEIRO, Sept 13 (Reuters) - Brazil will create a federal ‘value added tax’ as part of a drive to simplify the country’s tax system, Economy Minister Paulo Guedes said on Friday, but one the president strongly believes should not include a financial transaction tax.

Speaking to reports in Rio de Janeiro, Guedes said President Jair Bolsonaro called him from hospital this week to say he does not want a new version of the so-called ‘CPMF’ transaction tax that was abolished in 2007. (Reporting by Rodrigo Viga Gaier Writing by Jamie McGeever Editing by Chizu Nomiyama)

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