Brazil’s lower house has approved a major reform of the nation’s notoriously complicated tax system. It was a major victory for leftist President Luiz Inácio Lula da Silva who threw his weight behind the proposal. The long-awaited tax reform aims to simplify the system which is widely considered overly burdensome for both individuals and businesses. It also hopes to boost economic growth that has drifted between downturns and doldrums for the last decade. Lula celebrated the proposal’s approval late Friday and thanked Congress.
