The tax reform has already started

The tax reform has already started.

But few leaders have understood the size of the transformation ahead.

On Friday, March 13, 2026, I took part in the Ponto de Encontro of IBGC, the Brazilian Institute of Corporate Governance, an extremely rich space for exchange among professionals who live governance in practice.

During the meeting we discussed, based on EY's presentation, something that goes far beyond changes in tax rates.

We are talking about a structural change in Brazil's taxation model.

The current system, with multiple taxes such as PIS, Cofins, ICMS and ISS, is moving toward a dual VAT model, based mainly on CBS (federal) and IBS (state and municipal), with a simpler taxation logic based on where the transaction ends.

In theory, this promises:

• tax simplification
• a lower cost of doing business in Brazil
• fewer tax disputes
• more transparency in how prices are formed

But in practice, the strategic challenges are enormous.

Among the points that generated the most debate at the meeting:

• Companies will have to live with two tax systems at the same time until 2032.
• Logistics chains and corporate structures may need to be redesigned.
• Long-term contracts may need to be renegotiated to avoid economic and financial imbalance.
• Pricing models and margins will have to be recalculated in several sectors.

In other words:

The tax reform is not just a tax topic.

It is a strategic topic.

It affects decisions on:
• expansion
• supply chain
• pricing
• M&A
• governance
• long-term planning

I thank IBGC for the space for reflection and, in particular, Rafaella Reysla Vilela, for the excellent facilitation and dynamics of the meeting.

These spaces of exchange show something important:

Governance is not just structure.
It is collective intelligence applied to the big decisions.

Now I want to hear from those on the front line of companies:

Has your organization started preparing strategically for the tax reform?