Weekly Report - 23 July 2020 (WR-20-29)

BRAZIL | Guedes presents tax reform proposal. On 21 July, Brazil’s Economy Minister Paulo Guedes presented the chamber of deputies with the first part of the government’s tax reform, which seeks to merge two federal taxes – PIS/Pasep and Cofins – into a single 12% levy called the contribution on goods and services (CBS). Special tax regimes will apply to certain products and areas: the Manaus Free Trade Zone will not be affected for example.