As previously reported, Brazil's Chamber of Deputies is considering a draft bill for the introduction of a new tax system that would replace several of Brazil's current indirect taxes. On 10 July 2019, a separate, but similar bill was submitted in the Senate for the same purpose. The Senate bill would introduce a goods and services tax (Imposto sobre Operacões com Bens e Servicos - IBS) and a federal selective tax (Imposto Seletivo) that would replace several current taxes, including:
- the f…