‘Brazil has matured’, says Haddad about approval of tax reform by Congress

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Parliamentarians approved the basic text of the proposal in the Chamber of Deputies. According to the minister, bills regulating the reform should be sent in 2024. The Minister of Finance, Fernando Haddad, today praised the approval in the first round of the tax reform by the National Congress this Friday (15). Tax reform: see how the deputies voted Tax reform: Chamber approves basic text in 1st round “Brazil has matured, it knows that it needed to face this agenda which is the most important of the reforms because it organizes the productive system, puts Brazil in step with the the most modern in the world”, said the minister. Haddad said he spoke with the project’s rapporteurs in the Chamber and Senate after the approval of the basic text of the constitutional amendment and thanked him on behalf of the ministry. According to him, President Lula has also spoken to parliamentarians to thank them for their vote. The minister stated that the government must send proposals for laws that will regulate the reform to Congress in 2024. “I’m happy with this result, I know that our journey doesn’t end with 1185 [MP das subvenções] and with the tax reform, we took important steps this year”, said the minister. Rate Asked about a possible rate for the new tax, Haddad said that it will still be necessary to recalculate the value in light of the text approved by Congress. After the first version of the text in the Senate, the ministry estimated that the standard rate could be between 25.9% and 27.5% “We will recalculate the impact. (…) Now, the more effective and efficient we are in the transition, the less litigation, the less tax evasion, the more transparency, all of this will contribute to the standard rate being increasingly adequate”, said the minister. The minister said that the exceptions that are being included in the reform — and that may affect the tax rate — will pass the “reality test.” “If they demonstrate that they are not justified over time, they will be revised in favor of a tax rate lower standard, so even in that regard the tax reform was sensible”, said the minister.

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