Brazilian tax reforms could boost economy
Plans put forward by the Brazilian president Luiz Inacio Lula de Silva to reform the country’s tax system could lead to further economic growth, it has been claimed.
Reuters reports that the plans, which were announced last month, are aimed at simplifying the existing complex taxation system.
Four federal taxes would be brought together under the guise of a single value added tax placed on good and services, according to the news provider.
The country’s finance minister Guido Mantega said that the reforms would boost the country’s long-term economic growth as well as increasing its gross domestic product.
However, the plans are unlikely to be implemented as a matter of urgency, according to Rogerio Schmitt from Tendencias.
The expert told Reuters: "The approval of this reform would demand a great deal of political drive from the government and probably the personal involvement of Lula, but I am not convinced this will be a priority for the government this year."
Earlier this month, James Price of Knight Frank told Country Life that there is currently " quite a lot of interest" in Brazilian property.
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