BofA: Brazil's VAT Overhaul Will Reallocate Tax Burdens Across Industries Starting 2027
Bank of America has published a handbook describing how Brazil's planned value-added tax (VAT) will replace multiple indirect levies and shift the distribution of tax liabilities across industries. The reform will introduce a two-part VAT - a federal CBS and a state/municipal IBS - with implementation phased from a 2026 test period and broadening i…