LatinNews Daily - 14 August 2024

*Brazil’s lower chamber of congress has approved the main text of another bill (PLP 108/2024) proposing regulations for the landmark reform of the country’s tax code which was passed last year. The government led by President Luiz Inácio Lula da Silva submitted two pieces of legislation earlier this year to add rules for the implementation of the new tax system, and the first of the two bills (PLP 68/2024) passed the lower house last month. Among the main proposals of the second bill approved yesterday was the creation of a special committee (CG-IBS) to manage the collection and distribution of the new Imposto sobre Bens e Serviços (IBS), a tax on goods and services to be levied by state and municipal governments. The CG-IBS council would have 54 members – 27 representatives appointed by each government of Brazil’s 26 states and the capital region (Distrito Federal, DF) and another 27 councillors to represent municipal governments. In addition to policies related to the IBS, the bill includes rules for other taxes such as the ITCMD inheritance tax levied by state governments.