Brazil's government submits rules to streamline consumption taxes

FILE PHOTO: Brazil's Finance Minister Fernando Haddad attends an interview with Reuters in Brasilia, Brazil, October 18, 2023. REUTERS/Adriano Machado/File photo

BRASILIA (Reuters) - Brazil's government submitted proposed rules to Congress on Wednesday to carry out a historic tax overhaul approved last year, a key element of President Luiz Inacio Lula da Silva's strategy to foster growth in Latin America's largest economy.

The Finance Ministry said in a statement the bill contains most of the regulations needed to implement the constitutional amendment approved last year, and that a second proposal will be sent to lawmakers in the coming days specifically addressing management and oversight of the new taxes.