New Street: Brazilian Tax Reform Initial thoughts / Implications for Telcos and Fintechs
After Wednesday’s developments which saw the lower House in Brazil approve the preliminary text of a Tax Reform plan (someone what out of the blue), Congress on Thursday made a number of smaller changes, and following discussions, approved the different components one by one. The reforms are potentially a bigger issue for the Telcos, given the support coming from IOC payments, less so across the Payment space. We run some initial estimates, though caution that much can change and there is a healthy chance the Senate could push back on reform entirely.
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