Reuters The Brazilian tax reform plan promises tax reductions for individuals and businesses. Reuters / Reuters / Reuters / Reuters / Reuters / Reuters / Reuters Brazil’s government announced the second phase of a larger tax reform law on Friday, with the goal of lowering income taxes for up to 30 million people, lowering corporate profit taxes, and raising levies on financial market gains and activities. Brazil’s tax system is largely regarded as one of the world’s most complex, and the government argues that simplifying it and lowering the overall tax burden is critical to supporting long-term investment and economic growth. “For the first time in Brazil, thirty million paid employees will pay less income tax because we are taxing capital gains,” Economy Minister Paulo Guedes told reporters after handing the plans to Arthur Lira, the chairman of the lower house of Congress.
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