Brazilian Government Delivers Second Phase of Tax Reform Plan in the National Congress

Brazil's Ministry of the Economy has announced the delivery of the second phase of the government's tax reform plans in the Chamber of Deputies (lower house) of the National Congress on 25 June 2021. The first phase includes the reform of Brazil's complicated indirect tax system, while the second phase includes primarily direct tax reforms. Some of the main reform measures include:

• A phased-in reduction of the corporate tax rate (IRPJ) from 15% to 12.5% in 2022 and to 10% in 2023, with the …