Brazil's Tax Reform and Real Estate Income: What Changes for Property Owners, Investors and Landlords
Analysis of the transition to Brazil’s Dual VAT, taxation of real estate brokerage, and the economic criteria for choosing a tax regime
By Totti Maikuma
Real Estate Broker and Property Appraiser — CRECI-SE 7285 — CNAI 9.747
Imobiliarista — CRECI 652-J
Updated September 6, 2026
Abstract
Constitutional Amendment No. 132/2023 and its implementing legislation, particularly Complementary Law No. 214/2025 and the subsequent amendments introduced by Complementary Law No. 227/2026, have produced the deepest change in Brazil’s consumption-tax system since the 1988 Constitution. The gradual replacement of PIS, Cofins, ICMS and ISS by the Contribution on Goods and Services (CBS) and the Tax on Goods and Services (IBS) establishes a Brazilian dual Value Added Tax model, accompanied by non-cumulative taxation, destination-based taxation, new tax documents, credit mechanisms and sector-specific rules.
In the real estate market, this transformation has its own characteristics. The legislation did not place brokerage, property management, leasing, real estate development and property transfers under a single undifferentiated tax logic. Instead, it created a specific regime for real estate transactions and established reductions in the IBS and CBS rates applicable to those operations. For brokers and real estate companies, however, the analysis cannot be limited to comparing the current burden with a future nominal IBS/CBS rate. The actual economic impact will depend on revenue, cost structure, available input credits, payroll composition, Simples Nacional status, client profile, the share of corporate clients, commission splits, contractual structure and compliance costs.
The central purpose of this study is therefore not to declare in advance which tax regime will be superior for every professional in the sector, but to establish the technical criteria that allow each company or broker to understand its own operation and make informed decisions during the transition period.
1. Consumption tax reform and the risk of reducing it to a single rate
Much of the public debate surrounding Brazil’s Tax Reform has focused on an apparently simple question: what will the new tax rate be? That approach is insufficient, particularly in real estate, because the reform changes much more than percentages. It changes the incidence structure, the credit mechanism, the place of taxation, documentary obligations, the relationship between supplier and purchaser, enforcement mechanisms and the economic relevance of formalization.
CBS is a federal tax. IBS is shared by the States, the Federal District and Municipalities. Together they form what has become known as Brazil’s Dual VAT. PIS and Cofins are replaced by CBS, while ICMS and ISS are gradually replaced by IBS. This does not mean that the new architecture absorbs the entire tax system. Taxes and contributions related to income, assets and payroll continue to exist according to the taxpayer’s legal form and tax regime. IRPJ, CSLL, individual income tax, social-security contributions and other obligations do not disappear merely because Brazil has adopted a new consumption-tax model.
For that reason, statements such as “a broker will pay 14%” or “a real estate company will pay 28%” must be treated cautiously. A nominal IBS/CBS rate does not, by itself, represent the total tax burden of a business or professional. A proper analysis must also consider the applicable tax regime, available credits, payroll, operating costs, expense structure and the nature of the transactions performed.
2. The 28% figure should be treated as a reference, not a definitive rate
Another point requiring methodological care is the frequent use of figures close to 28% in IBS/CBS simulations. That percentage appears in studies and presentations, but it should not be described as the definitive or universal rate of the new system. The constitutional and statutory framework provides for calibration of reference rates throughout the transition period, which means that any calculation made today must be identified as hypothetical.
If this article uses a combined standard rate of 28% for illustration, it means only that a hypothetical combined standard rate of 28% is being used in a simulation. The distinction between an estimate and a legally established rate is not merely rhetorical; it is essential to technical accuracy.
SIMULATION — THIS DOES NOT REPRESENT A DEFINITIVE TAX RATE
3. The specific tax regime for real estate
Complementary Law No. 214/2025 created a specific tax treatment for real estate transactions. The regime covers transfers, real estate development, subdivision of land, leasing, paid assignment, rental arrangements, construction, property management and real estate brokerage. The law provides a 50% reduction in IBS and CBS rates for operations covered by the specific regime and a 70% rate reduction for leasing, paid assignment and rental of real estate.
The terminology matters. This is not a 50% reduction in the taxable base of brokerage commissions. It is a reduction in the applicable rates. The legislation also uses other mechanisms in the real estate regime, including adjustment reducers, social reducers and tax credits. These are different legal concepts with different purposes and economic effects.
Using only an illustrative combined standard rate of 28%, a 50% reduction would produce a nominal 14% rate for covered transactions. This calculation may help explain the system, but it must not be confused with the taxpayer’s total tax burden. Depending on the regime, taxes on profit, payroll, social-security contributions and other components may still apply.
4. The reduction for regulated professions should not be confused with the real estate rule
The constitutional framework also provides reduced rates for certain intellectual professions of a scientific, literary or artistic nature that are supervised by professional councils. That provision should not automatically be extended to brokerage merely because real estate brokers are regulated professionals subject to a professional council.
Property management and real estate brokerage were expressly placed within a sector-specific real estate regime. For those activities, the complementary legislation established its own 50% rate reduction. Tax analysis must therefore respect the special rule applicable to the activity rather than rely on analogies that may lead to incorrect conclusions.
5. Non-cumulative taxation changes how the burden must be analysed
One of the central features of IBS and CBS is non-cumulative taxation. Under the regular regime, a company generates tax debits on its transactions and may claim credits on qualifying acquisitions, subject to the statutory requirements. The net amount payable therefore results from the difference between tax debits and validly claimable credits.
This mechanism materially changes the analysis of service businesses. Two real estate companies may have identical monthly revenue and still bear different effective economic burdens. A lean company with no physical office, limited advertising expenditure, few software subscriptions and minimal outsourced services will tend to have fewer potential credits. Another company with premises, technology, marketing, legal services, suppliers and outsourcing may build a materially different credit profile.
That does not mean the company with the larger structure will automatically pay less tax. It means that, under the new system, the composition of business expenses becomes part of the tax analysis. Revenue alone will no longer be sufficient.
6. An expense is not automatically a tax credit
A further distinction must be made between a business expense and an IBS/CBS credit. A cost may be necessary for the business and still fail to generate a tax credit. Conversely, an expense may produce a credit only if statutory and documentary conditions are satisfied.
A tax diagnostic for a real estate business should therefore do more than measure how much the company spends. It must identify how much of that expenditure may potentially be creditable, whether proper documentation exists, whether the supplier is correctly identified and whether the transaction satisfies the legal requirements for credit appropriation.
This turns accounting information into a management tool. The new system demands better information quality and closer integration between accounting, finance and operations.
7. Simples Nacional remains part of Brazil’s tax structure
The Tax Reform did not eliminate Simples Nacional. That is particularly important in real estate, where a substantial share of brokers and small companies operate under simplified structures. The preferential regime remains in force, although it is being adapted to the introduction of IBS and CBS.
The legislation also allows qualifying companies to remain in Simples Nacional for the other taxes while electing to calculate and pay IBS and CBS under the regular regime. In market language this has become known as the “hybrid Simples.” The company remains formally within Simples Nacional, but IBS and CBS are removed from the unified DAS payment and calculated separately under the debit-and-credit system.
This option should not be reduced to a superficial comparison of tax rates. It requires analysis of the actual business model.
8. Full Simples or IBS/CBS outside the DAS
The first alternative is to remain fully within Simples Nacional, including IBS and CBS in the logic of the preferential regime. This preserves greater operational simplicity and avoids moving the company’s own IBS/CBS calculation entirely into the regular debit-and-credit system.
The second alternative is to remain in Simples for the other taxes but calculate IBS and CBS under the regular regime. In that case, potentially creditable costs become directly relevant to the assessment of those two taxes. The company accepts a higher compliance burden but also gains access to a tax architecture that may be economically relevant for certain business profiles.
Neither option is inherently superior.
9. Why full Simples may remain attractive for lean structures
As an initial hypothesis, individual businesses and very lean real estate companies with limited payroll, low operating costs and little generation of input credits may have a reasonable economic case for remaining fully within Simples Nacional. This is especially plausible when the client base is predominantly composed of individuals and the ability to generate tax credits is not an important purchasing factor for customers.
That conclusion cannot be treated as a universal rule. The analysis must include accumulated gross revenue, the applicable Simples schedule, the Fator R calculation, payroll, owner compensation, creditable costs, projected growth, margins, client profile, the corporate share of the portfolio and compliance costs. A small company today may be preparing for growth that materially changes its tax position within a few years.
The technically sound recommendation is therefore not “stay in Simples,” but “model the operation before deciding.”
10. Client profile becomes a tax variable
The tax identity of the client becomes increasingly important under the reform. A real estate company serving predominantly final consumers has a different economic dynamic from a company providing services to developers, land developers, funds, holding companies or other businesses subject to the regular regime.
In B2B relationships, the credit potentially generated by the service may become part of the purchaser’s economic decision. The provider therefore has to consider not only how much tax it pays, but also how much tax credit it may legally generate for its corporate client.
In some situations, the effective economic cost of a business service can be analysed as the gross amount paid less the tax credit available to the purchaser. This does not replace the legal analysis of the transaction, but it introduces a new commercial variable. The provider with the lowest nominal price may not always represent the lowest net cost for the corporate customer.
11. Simples Nacional suppliers and purchaser credits
It would also be incorrect to state that a Simples Nacional company can never generate a credit for its customer. The legislation provides specific rules for purchases of goods and services from businesses under the preferential regime. Where legally allowed, the purchaser’s credit depends on the regime, the transaction and the applicable limits.
This reinforces the need for comparison. One company may remain fully within Simples Nacional and generate a particular credit effect, while another may elect regular IBS/CBS treatment and generate a different outcome. For businesses with substantial B2B exposure, this difference can influence pricing, negotiation and competitiveness.
12. Brokerage must also be analysed by timing, tax base and place of supply
The discussion of IBS and CBS on brokerage does not end with the rate. At least three additional dimensions must be examined: the timing of taxation, the tax base and the place of the transaction.
For property management and real estate brokerage services, the regulations establish specific rules connected to payment of the remuneration. When remuneration is paid in instalments, the tax treatment follows the financial structure under the applicable rules. This increases the importance of reconciling contracts, payments, tax documents and accounting records.
The tax base corresponds to the remuneration for the transaction. Where there is only one intermediary, identification is relatively straightforward. Where multiple professionals or firms participate, the specific rules for individualizing each participant’s commission become relevant.
The place of the operation is equally important. For property management and brokerage, the destination rule is linked to the location of the real estate asset. That affects businesses operating across different municipalities or states and reinforces the need to distinguish the company’s registered office from the economic location of the transaction.
13. Commission splits among brokers and real estate companies
Multiple intermediaries are a structural feature of real estate transactions. A single deal may involve the listing broker, buyer’s broker, real estate company, coordinator and external partners. The new tax system recognizes this reality and allows each participant’s remuneration to be individualized.
It is therefore incorrect to assume that commission sharing will automatically result in double taxation of the entire commission amount. The rule seeks to attribute to each participant the portion corresponding to its own remuneration.
The main challenge is documentation. Partnership agreements, identification of intermediaries, commission allocation, tax invoices, payments and accounting must remain consistent. The greater the alignment among these elements, the lower the risk of future discrepancies.
This requirement should not be seen solely as additional bureaucracy. Better documentation can also improve legal certainty in partnerships and reduce internal disputes over commissions.
14. Brokerage agreements need greater precision
Real estate market practice has traditionally relied on contracts that set commission as a simple percentage of the property’s sale price. A clause stating “6% commission” may appear sufficient today, but the new tax architecture calls for greater precision.
Consider a BRL 1 million transaction with a 6% commission, equivalent to BRL 60,000. If the agreement treats BRL 60,000 as the total remuneration inclusive of taxes, taxation reduces the intermediary’s net proceeds. If the agreement instead states 6% plus the applicable taxes, the economic result is different.
Neither approach is universally correct. The essential point is to avoid ambiguity and determine in advance who bears the economic cost of taxation. In high-value transactions, even small percentage differences can materially affect margins and profitability.
15. Taxation and pricing become inseparable
In a VAT-based system, pricing cannot be treated independently from taxation. This relationship is especially relevant in brokerage because remuneration is commonly calculated as a percentage of high-value assets.
A company will need to understand whether its commercial pricing includes taxes, whether those taxes can be economically passed through, how clients value tax credits and how commission sharing affects the net remuneration of each participant. Tax ceases to be merely a calculation performed after the transaction and becomes part of pricing before the contract is signed.
16. Tax documentation acquires an economic function
Tax documentation has always had legal and accounting importance. The new system increases that importance because documentation can support credits, evidence expenses, individualize remuneration, justify transfers, reduce the risk of denied credits and improve governance.
A tax invoice is no longer viewed solely as evidence that the provider will pay tax. In certain relationships it also affects the customer’s economic position. This is especially relevant in B2B transactions where tax credits may influence the net cost of contracting a service.
17. Formalization must be analysed across the full transaction chain
For decades, parts of the service market have used a simplified comparison between “price with invoice” and “price without invoice.” That logic becomes increasingly inadequate under the new system.
If a formal transaction produces a tax credit, documentation, legal certainty, proof of cost and lower risk of future inconsistencies, nominal price becomes only one variable. In some transactions, paying a higher nominal price for a properly documented service may lead to a lower net economic cost.
That does not mean every formal transaction is automatically cheaper. It means the analysis must consider the entire chain rather than the amount paid at the time of contracting.
18. What actually changes for informal transactions
The Tax Reform should not be described as a system in which every bank transaction is automatically audited. That interpretation is technically inaccurate. A Pix transfer does not by itself become a tax assessment, and a difference between financial movement and reported revenue does not automatically indicate irregularity.
What changes is the density and integration of information. Electronic tax documents, registers, declarations, cadastral systems, real estate information and settlement mechanisms increasingly form an interconnected dataset. The more structured information available, the greater the administration’s ability to identify inconsistencies.
A difference between cash flow and revenue may be legitimate. Third-party funds, deposits, reimbursements, loans, advances and internal transfers may explain movements larger than revenue. The risk arises where the company cannot document the origin, legal nature, ownership and destination of the funds.
The better economic principle is therefore not “all money will be taxed,” but “every material financial flow should have a coherent legal and documentary explanation.”
19. Split payment and the limits of its interpretation
Split payment is one of the most discussed mechanisms in the new tax system. Its primary function is to allow tax to be segregated during financial settlement, bringing payment, tax documentation and collection closer together.
It should not be confused with universal banking surveillance or described as a mechanism capable of automatically identifying every omitted receipt. Implementation is progressive and depends on specific operational rules.
Its structural importance lies in the closer connection between tax liability and financial settlement. That connection tends to reduce room for inconsistencies in formalized chains, especially when combined with electronic documents and digital bookkeeping systems.
20. Irregularity, aggravated tax violations and tax crimes are not the same thing
A further legal precaution is to distinguish different categories of conduct. An accounting discrepancy does not automatically amount to fraud. An omission does not by itself constitute money laundering. A documentary failure does not necessarily amount to a tax crime.
The legal system recognizes different levels of consequence. Administrative errors may require corrections. Tax violations may trigger penalties. Conduct involving fraud, simulation or intent may produce more serious consequences. Tax crimes require a specific legal classification, materiality, authorship and the other legal elements required by law.
This distinction is essential in technical communication. Credibility is lost when every mistake is described as a crime.
21. The cost of non-compliance is likely to increase
Although it is incorrect to infer fraud from every discrepancy, it would also be a mistake to ignore the increasing importance of compliance. The more integrated the tax system becomes, the greater the economic value of proper documentation.
Contracts, tax invoices, reconciliations, identification of beneficiaries, commission transfer records and accounting classifications form part of the company’s defensive infrastructure. A real estate business that can demonstrate how much it received, why it received it, how much belonged to it and how much was transferred to third parties is in a stronger documentary position than one that must reconstruct these events later.
22. Potential gains from the Tax Reform
The Tax Reform should not be interpreted solely as a tax increase. Some features may improve the efficiency of certain transactions. Non-cumulative taxation may reduce cascading tax where valid credits are available. Individualization of commissions may bring taxation closer to each participant’s actual economic remuneration. The possibility of customer credits may make formalized providers more competitive in B2B relationships. Better documentation may reduce disputes and increase predictability.
In addition, the statutory 50% rate reduction for the specific real estate regime shows that lawmakers recognized the sector’s particular features. This differentiated treatment contradicts the simplistic claim that every real estate activity will be taxed at the full standard VAT rate.
23. Potential losses and points of attention
There are also clear risks. Compliance costs are likely to increase. Systems, contracts, accounting, tax invoicing and internal processes will require adaptation. Businesses that generate few credits may obtain an unfavourable outcome if they move to the regular regime without proper modelling. Errors involving classification, credits or the place of taxation can have material consequences.
The decision between full Simples and regular IBS/CBS also introduces a degree of complexity that did not previously exist in the same form. Taxpayers gain more alternatives, but also greater responsibility for the choice they make.
24. Structural comparison of the regimes
| Criterion | Full Simples | Simples with regular IBS/CBS | Regular regime outside Simples |
|---|---|---|---|
| IBS/CBS | Included in the preferential regime | Outside the DAS | Regular regime |
| Own debit/credit mechanism | Does not fully follow the regular system | Yes | Yes |
| Relevance of creditable costs | Lower relevance to own calculation | Potentially high | Potentially high |
| Complexity | Lower | Intermediate | Higher |
| B2B clients | Requires analysis of permitted purchaser credit | May become commercially relevant | May become commercially relevant |
| B2C clients | Credits normally have less commercial weight | Depends on structure | Depends on structure |
| Best-fit profile | Must be calculated | Must be calculated | Must be calculated |
This table is explanatory only and should not be treated as an isolated tax recommendation.
25. The economic decision matrix
A defensible tax decision should consider accumulated gross revenue, projected revenue, the applicable Simples schedule, Fator R, payroll, owner compensation, expenses, the creditable share of those expenses, the percentage of individual and corporate clients, margins, average transaction size, transaction volume, commission splits and administrative costs.
The traditional formula “tax = rate × revenue” is no longer sufficient. A more useful business analysis must consider taxes paid, available credits, compliance costs and the commercial effects of the chosen regime.
A company may therefore pay more nominal tax and still obtain a better economic result, or reduce a nominal rate while increasing its total compliance burden. The outcome has to be measured.
26. The 2026–2033 transition timeline
The reform is implemented gradually. The year 2026 serves as a testing stage, with CBS references of 0.9% and IBS of 0.1%, together with specific rules for compliance and offsets.
In 2027 and 2028, PIS and Cofins are phased out and CBS enters a new operating stage. IBS remains initially at a reduced level, divided between state and municipal components.
From 2029, ICMS and ISS begin to be progressively reduced while IBS expands proportionally. This continues through 2032. In 2033 the new system reaches its full stage, with ICMS and ISS extinguished in their previous form.
The transition matters because the reform’s economic effects do not occur simultaneously. An analysis made in 2026 cannot assume that the burden observed in that year represents the final system.
27. September 2026 and the first concrete decision
In September 2026, the debate is no longer purely prospective for Simples Nacional companies. The first window for choosing how IBS and CBS will be treated in the first half of 2027 is open.
A company that intends to keep IBS and CBS inside Simples does not need to elect the regular regime. A company that intends to calculate those taxes separately must formalize its election within the regulatory period.
This decision should not be based on a superficial comparison of rates. It requires modelling the current business and, preferably, the projected operation for the coming years.
September 2026 update
Between September 1 and September 30, 2026, Simples Nacional companies may elect regular IBS/CBS treatment for the first half of 2027. Companies that keep IBS and CBS within Simples do not need to make this election. A new election window is scheduled for March 2027 for the second half of that year.
28. The choice of regime should not be based only on the current DAS
It is natural for small businesses to compare what they pay today with what they expect to pay in the future. The problem is that this comparison ignores credits, bracket changes, growth, payroll, client profile and compliance costs.
A small real estate company today may soon operate with premises, employees, technology, paid media and a significant B2B portfolio. Tax planning should take into account the structure the company intends to build, not merely the current month’s snapshot.
29. A 5W2H plan for adaptation
WHAT — What should be done?
The first step is to map the company’s actual operation, including activities, revenue streams, expenses, partners, contracts, tax invoices, clients, systems and financial flows. The diagnostic should allow taxation to be assessed from the economic reality of the business rather than generic assumptions.
WHY — Why is it necessary?
The analysis is necessary because IBS and CBS create a more direct relationship between credits, expenses, documentation, client profile and compliance costs. A poorly chosen regime may increase the tax burden, reduce margins or weaken competitiveness.
WHERE — Where should the review occur?
The review should cover accounting, finance, contracts, CRM, sales, procurement, technology, tax invoicing, partner relationships and all areas that influence pricing or financial flows.
WHEN — When should it begin?
Adaptation should begin immediately. The transition is already underway and, in September 2026, Simples Nacional companies face the first concrete decision concerning IBS/CBS treatment for 2027.
WHO — Who should participate?
The work should not be left to the accountant alone. Depending on company size, the process should involve owners or partners, accounting, legal, finance, sales, technology and those responsible for contracts.
HOW — How should it be done?
Start by measuring gross revenue, separating business activities, identifying expenses, classifying potentially creditable costs, analysing the individual/corporate client mix, calculating the current burden and modelling the alternatives. Then add compliance costs and commercial effects.
HOW MUCH — How much does adaptation cost?
There is no universal figure. The cost of adaptation must be weighed against potential tax savings, administrative cost and the risk of an unsuitable tax choice.
30. Frequently asked questions
Will the Tax Reform charge 28% on a broker’s commission?
No. Figures close to 28% are currently used as references in simulations. In addition, the specific real estate regime provides a 50% reduction in the IBS and CBS rates applicable to covered transactions.
What reduction applies to real estate brokerage?
The legislation provides a 50% reduction in IBS and CBS rates under the specific regime applicable to real estate transactions. This does not mean a 50% reduction in the company’s total tax burden.
Is Simples Nacional ending?
No. The regime remains in force and has been adapted to the new tax architecture.
Can a real estate company remain in Simples and pay IBS/CBS outside the DAS?
Yes. The legislation allows this option.
If two brokers split a commission, will both be taxed on the full amount?
Not necessarily. The legislation allows each participant’s remuneration to be individualized, provided the transaction is properly structured and documented.
Can a corporate client claim credits from hiring a real estate company?
Depending on the purchaser’s tax regime and the legal conditions of the transaction, a credit may be available.
Does receiving a commission through Pix change the tax obligation?
No. The payment method does not change the tax nature of the revenue.
Does split payment mean automatic surveillance of every financial transaction?
No. Split payment is a tax-segregation mechanism associated with financial settlement, not a universal banking-surveillance system.
31. Conclusion
The Tax Reform does not support the conclusion that a single tax regime will be economically superior for every broker and real estate company. The outcome depends on the structure of each operation. For individual businesses and lean structures with few credit-generating expenses and a predominantly B2C client base, remaining fully within Simples may continue to make economic sense. For businesses with larger operating structures, potentially creditable expenditure and a predominantly B2B portfolio, regular IBS/CBS calculation may produce a different result.
None of these conclusions can be reached by comparing tax rates alone. The reform also changes the importance of contracts. Commission can no longer be viewed only as a commercial percentage; it increasingly requires clear treatment of taxation, allocation among partners and responsibility for the economic burden of tax.
Tax documentation likewise becomes part of the company’s economic architecture. It helps individualize revenue, support credits, demonstrate costs, justify transfers and reduce inconsistencies between financial flows and accounting records.
Informality also tends to become progressively more costly, not because each payment will automatically be audited, but because the volume and integration of available information are increasing. In that environment, differences may be legitimate, provided that they have an identifiable economic cause and supporting documentation.
The deeper shift is that taxation stops being merely a percentage calculated after the transaction and becomes part of the design of the business itself. Pricing, contracts, procurement, suppliers, technology, clients, partnerships and financial flows become components of the same economic architecture.
The challenge for brokers and real estate companies from 2026 to 2033 is therefore not simply to discover the future IBS/CBS rate. It is to understand which business structure produces the best balance among tax burden, credits, compliance costs, competitiveness and documentary security within the new system.
Methodological note
This article is technical, informational and analytical in nature and does not replace individualized accounting, legal or tax advice. Brazil’s Tax Reform is still being implemented and regulated. Operational procedures, reference rates and administrative interpretations should therefore be reassessed as new rules are issued.
Normative reference date for this version: September 6, 2026.
Normative and official references
- Federal Constitution of Brazil.
- Constitutional Amendment No. 132/2023.
- Complementary Law No. 123/2006.
- Complementary Law No. 214/2025, as amended.
- Complementary Law No. 227/2026.
- Decree No. 12,955/2026, as amended by Decree No. 13,075/2026.
- CGSN Resolutions No. 186/2026, No. 190/2026 and No. 191/2026, as applicable.
- Brazilian Federal Revenue Service (Receita Federal).
- Ministry of Finance.
- IBS Management Committee (CGIBS).
About the author
Totti Maikuma is a real estate broker and property appraiser registered with CRECI-SE under No. 7285 and with Brazil’s National Register of Real Estate Appraisers (CNAI) under No. 9,747. He works through Imobiliarista — CRECI 652-J in property valuation, expert appraisal, consulting, territorial intelligence and real estate transactions.
This article is part of Imobiliarista’s series of studies on the effects of Brazil’s Tax Reform on the real estate market. Upcoming studies will examine taxation of property purchases and sales, leasing, exchanges, real estate development, land subdivisions and asset-holding structures.
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