Brazil could simplify oil tax rules as part of broad reform- source

Brazil’s government is considering simplifying the tax regime of the oil and gas industry as well as changes to levies on the financial system as part of a broad tax reform in 2017, a government source familiar with the matter told Reuters on Thursday.

“These are the general ideas of what should be done. It is still in embryonic stages,” said the official, who asked not to be named because he is not allowed to speak publicly.

He also said the government could consider simplifying the PIS-COFINS social security taxes, cutting red tape on the tax system, and restructuring the finance’s ministry tax appeals tribunal, known as CARF.

(Reporting by Alonso Soto; Editing by Daniel Flynn)

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