On 10 July 2024, Brazil's Chamber of Deputies (lower house of the National Congress) issued a release announcing the approval of the draft law regulating the country's indirect tax reform, which now goes to the Senate (upper house). As previously reported, Brazil enacted amendments at the end of 2023 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...