Brazil's Chamber of Deputies is currently considering expanding the scope of banking and financial activities subject to the country's municipal services tax (ISS - Imposto sobre Serviços).
ISS is levied at the municipal level on the supply of certain services included in a specific list attached to a federal complementary law and consolidated by the legislation of each municipality. ISS tax rates vary from 2% to 5%, according to the specific type of service and the municipality where the ta…