The Brazilian tax reform rapporteur proposed cutting corporate taxes by 12.5 percentage points to 2.5% by 2023, according to the preliminary text of the bill viewed by Bloomberg.
- The first proposal by Economics Minister Paulo Guedes saves 10 percentage points in income tax in the coming years
- Income tax cuts will be made possible by the dismantling of tax incentives, which will benefit 20,000 businesses
- Rapporteur also kept proposed dividend tax at 20%
- Dividend tax is aimed at investors, so levies paid between companies to holding companies are excluded
- Rapporteur Celso Sabino previously tweeted some points in the text and gave a press conference on the subject
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