Brazil’s Chamber president warns of ‘great risk’ of income tax reform

Arthur Lira, the President of the Chamber of Deputies, has recently expressed concern regarding the potential consequences of the income tax reform proposed by the current administration.

He voiced his apprehensions during a meeting with business leaders in São Paulo.

Lira believes that discussions surrounding income and fund taxation should be held separately and at a later stage.

Finance Minister Fernando Haddad, however, has signaled an intent to initiate the reform by October.

Lira pointed out that merging debates on offshore and fund taxation with the ongoing tax reform could complicate the process.

He advocates for dealing with one issue at a time, cautioning against the potential risks of multiple parallel discussions.

The tax reform, approved in the House on July 6, is currently under consideration in the Senate.

Once approved, it requires further legislative measures for implementation.

Lira anticipates these regulations will be addressed in 2024, while the government plans to advance this process within the year.

Lira further emphasized the necessity for Senate refinement of the reform text before finalization.

For the full picture, see our Brazil Tax Reform: Complete Guide.

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