November 18, 2019 / 11:41 AM / 20 days ago

Brazil govt finalizes 4-stage tax reform proposals - paper

BRASILIA, Nov 18 (Reuters) - Brazil’s Economy Ministry has agreed on its tax reform proposals, a package of measures that will be presented to Congress in four stages between now and the middle of next year, newspaper Estado de S. Paulo reported on Monday.

The proposals will not include a new version of the controversial ‘CPMF’ financial transactions tax, but will include a consumption tax of between 11% and 12%, a fusion of the current PIS and Cofins taxes, according to the newspaper.

The consumption tax will be part of the first phase of the bill that will be presented later this month, new Federal Revenue Secretary Jose Barroso Tostes Neto told the paper in an interview.

The second phase, scheduled for early next year, will focus on changes to levies on industrial goods, while the third phase will focus on personal income tax. The last step will involve the companies’ payroll tax relief. (Reporting by Jamie McGeever; Editing by Alex Richardson)

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