Brazil has published Provisional Measure No. 1.159 of 12 january 2023, which excludes state value added tax (ICMS) from the basis for calculating the Contribution for the Social Integration Program (PIS) and the Contribution for the Financing of Social Security (COFINS). This is in line with an earlier Supreme Federal Court decision that the inclusion of ICMS in the basis for calculating PIS/COFINS was unconstitutional. It is also provided that ICMS levied on acquisition (purchase) operation…