Brazilian Lower House Passes Tax Reform Bill Aimed at Simplifying 'Dysfunctional' Tax System and Boosting Growth

Brazil's lower house of Congress approved a major tax reform aimed at simplifying the complicated tax system and boosting economic growth.
The reform will now go to the Senate for further consideration.
Legislative gridlock was a concern, but lawmakers from different parties came together to support the measure.
The current tax system is considered complex, inefficient, and burdensome for individuals and businesses.
If approved, the reform will merge five main taxes into two value-added taxes, and it aims to reduce tax wars between states and municipalities.