In Sao Paulo on January 16, the Brazilian tax reform was approved by President Luiz Inacio Lula da Silva with slight modifications from the version passed by the lower house. Bernard Appy, the special secretary for tax reform, stated that the final tax rate retains the core of the congress-approved text, with any vetoes explained by technical adjustments or constitutional considerations. The Ministry of Finance projects the standard rate for the new consumption tax to be approximately 28%.