According to recent reports, Brazil's Chamber of Deputies is currently considering Bill 7,140/2014, which would exclude the State Value Added Tax on Sales and Services (ICMS) and the Municipal Tax on Services (ISS) from the taxable base for the Employee’s Profit Participation Program (PIS) and Social Security Funding (COFINS).
Bill 7,140/2014 would also allow companies engaged in listed business activities a credit offset against PIS and COFINS due equal to 9.25% of payroll.