Brazil is ranked third in the world in terms of business complexity, according to the latest report from the TMF Group. According to financial experts, the main culprits are its different tax systems, labor laws, and instability. Nevertheless, the report says that “Brazil is likely to remain economically attractive,” due in large part to its sheer size: it has 210 million inhabitants, and a GDP of more than USD 2 trillion.
“There are so many tax levels that there are conflicts on who taxes what,” says Rodrigo Zambon, the director of the TMF Group in Brazil. Indeed, there are different tax brackets depending on the type of product, the type of client, and of course, tax legislation at the municipal, state and federal level.