Brazil is currently considering proposed legislation that would increase the revenue thresholds under which micro and small enterprises may apply the simplified tax regime (Simples Nacional). Currently, the thresholds are annual gross revenue of BRL 360,000 for micro enterprises and annual gross revenue of BRL 3.6 million for small enterprises. The proposed legislation would increase the thresholds for micro and small enterprises to BRL 900,000 and BRL 14.4 million respectively. Under the simplified tax regime, eligible companies pay a single tax in place of corporate income tax, certain social security contributions, value added tax, and others. The simplified rates range...