According to a government release, Brazil's Minister of the Economy Paulo Guedes presented the first phase of the government proposed tax reform in the National Congress on 21 July 2020. The main proposed measure of the first phase is the replacement of the PIS and COFINS consumption taxes with a single creditable value-added type tax on goods and services (Contribuição sobre Bens e Serviços - CBS).
As proposed, the CBS would be levied at a rate of 12.0% for companies in general, and at a …