Draft legislation is being considered by Brazil's Chamber of Deputies for the introduction of a new value added tax system at the national level that would replace several of Brazil's current indirect taxes. This would include the replacement of the state value added tax (ICMS), the municipal service tax (ISS), the federal tax on manufactured products (IPI), and the federal contributions for social integration (PIS) and social security financing (COFINS). The new tax, known as Imposto sobre B…