Brazil Passes Major Tax Reform to Simplify System, Spur Investment
• Brazil's lower house approves major tax reform overhaul that aims to simplify overly complex system • Reform merges 5 main taxes into 2 value-added taxes - one federal, one state/municipal • Lula celebrated approval, saying reform will "facilitate investment" • Relations between Lula and Congress have been strained, but this is a win for the president • New system expected to reduce lawsuits, free up corporate budgets, and attract foreign investment