Brazil's Lower House Approves Major Tax Reform

The reform, championed by President Lula, simplifies the tax system and is expected to boost economic growth.

Brazil's lower house has approved a major tax reform aimed at simplifying the nation's notoriously complicated tax system.
The reform, which President Luiz Inácio Lula da Silva has championed, is expected to boost economic growth and facilitate investment.
The new tax system will merge the five main levies into two value-added taxes: one federal and another to be shared between states and municipalities.
The reform was initially approved by deputies in July, but had to be voted on again after the Senate made changes to the text.
The reform will be signed into law in a joint session of Congress expected to take place next week.