Brazil Issues New Regulations to Implement Indirect Tax Reform

Brazil has issued new regulations for the implementation of the country's indirect tax reform. As previously reported, Brazil enacted amendments at the end of 2024 that allow for the reform of the indirect tax system, including the replacement of three federal taxes (PIS, COFINS, and IPI), one state tax (ICMS), and one municipal tax (ISS) with two new taxes:

• the contribution on goods and services (Contribuição sobre Bens e Serviços - CBS), which is administered/managed by the federal governm…