Constitutional Tax Reform enacted — CBS / IBS implementation begins

Emenda Constitucional 132/2023 (Reforma Tributária) enacted in late 2023 launched Brazil's comprehensive consumption-tax reform, replacing multiple legacy taxes (PIS, Cofins, ICMS, ISS) with a unified Contribuição sobre Bens e Serviços (CBS) and Imposto sobre Bens e Serviços (IBS). Phased implementation 2026–2033. Does not affect personal income tax directly but reshapes the cost-of-living and cost-of-doing-business environment.