RIO DE JANEIRO, BRAZIL - On Friday, June 25, Brazil's government unveiled the second phase of its wider tax reform bill, in which it aims to reduce income tax for up to 30 million workers, exempt 16 million from paying any tax at all, and increase levies on financial market capital gains.
Brazil's tax system is widely seen as one of the most complex and regressive in the world, and the government insists that simplifying it and reducing the overall tax burden is crucial to fostering sustainable, long-term investment and economic growth.
"Thirty million salaried workers in Brazil . . .
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