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Political leaders in Brazil has abolished the hope of tax reform, and agreed to re-use the country’s economic system by making gradual changes.
“Appropriate tax changes are what Congress can approve right now,” Arthur Lira, a spokesman for Parliament, said Tuesday.
Tax change is one of the taboos Finance Minister Paul Guedes’ economic goals, the goal of which is to intensify the strongest economic competition in Latin America.
For more than two years, however, progress has been unusual, with the government alone revealing his idea in July last year. The idea has now been changed to an agreement reached Monday night between Lira, Guedes and Rodrigo Pacheco, President of the Senate, to make a number of changes through Congress.
“We need to make as many taxes as possible right now,” Lira said, adding that he hoped the negotiations would continue throughout the year.
As part of this new approach the Senate is making legislative changes to allow for the integration of public service and municipal taxes, and to consider a single law that focuses on tax refunds. The House, is discussing legislation to introduce corporate and property taxes.
The new approach could upset investors who hoped the Guedes would be able to recoup what was once considered the world’s most difficult tax.
The Central Brazilian company takes about 2,000 hours to prepare and raise taxes, according to what the World Bank has done – which is global. In contrast, a U.S. company takes 175 hours and a UK company takes 105 hours. Over the past 30 years, an average of 35 tax laws were changed daily, or 1.45 hours per hour, according to the Brazilian Institute for Planning and Taxation.
“In my opinion, the idea is to create the best possible environment and not wait for the worst. The way to separate from the various discussions is to make it easier [to pass Congress], ”Said Douglas Mota, a tax sharer at Demarest, a law firm.
Lucas Galvão, a tax expert at Barros Carvalho Advogados, expressed his concern that the government had not offered a proposal to change property and industry taxes. “So far we do not know what these changes will be,” he said.
Proponents of her case have been working to make the actual transcript of this statement available online.
“The distribution does not attract investors’ attention because the management and corporate inequalities are being addressed,” said Jens Nystedt, chief operating officer at Emso Asset Management.
“One thing is that, he is not old enough and even if he chooses a small path it should be in a hurry if he wants to deal with the rising economic crisis.”
Additional reports of Carolina Pulice
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