Brazil Finance Minister Fernando Haddad: Brazil is moving towards one of the most advanced tax systems in the world

In Brazil, a bill to regulate tax reform was presented in the Chamber of Deputies. Finance Minister Fernando Haddad said that the approval of this proposal will transform Brazil's tax system into "one of the most modern in the world". This is reported by Brasil 247, a partner of TV BRICS.

He emphasised that the measure would benefit the humblest segments of the population, as well as facilitating the tax exemption of investments.

"We will have a fully digital tax system, with the aim that, by broadening the base of taxpayers, we can have a more reasonable rate." Investments in Brazil, exports, popular consumer goods, from food to manufactured goods, will be exempt from taxes. The benefits of this reform are inestimable," he added.

Four months after the tax reform was passed, the government presented the first supplementary bill to regulate consumption taxes.

The proposal sets the average value-added tax (VAT) rate at 26.5 per cent, with the possibility of a change from 25.7 per cent to 27.3 per cent, as explained by Bernard Appy, minister extraordinary for tax reform. Currently, the average tax burden on goods and services in Brazil is 34 per cent, including federal, state and municipal taxes.

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