Good morning! Today, a clearer picture of Brazil’s future consumption VAT rate. Japan says O.K. to Brazil visa reciprocity. Brazil has fraud fever.
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New VAT rate could reach 27 percent
Finance Minister Fernando Haddad this week delivered to the rapporteur of the tax reform in the Senate, Eduardo Braga, that which he has been asking for weeks: simulations regarding Brazil’s proposed new value-added tax (VAT), based on the draft approved in the lower house of Congress in July.
State of play. According to the study, the standard VAT rate will be between 25.45 and 27 percent — close to the 25 percent estimated by experts in the original proposal, but well below the current consumption tax burden of 34.4 percent.
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