BRASILIA, July 7 (Reuters) - Brazil's lower house of Congress approved on Friday the main text of a tax reform that will restructure the country's complex consumption taxes, a move President Luiz Inacio Lula da Silva touted as a "great victory".
The bill will now be sent to the Senate, where it will also be voted on in two rounds.
"Brazil will have its first tax reform of the democratic period ... We are working towards a better future for everyone."
Markets reacted positively to the lower house approval, with Brazil's real strengthening more than 1% against the dollar, while benchmark stock index Bovespa (.BVSP) jumped 1.65%.
'A NECESSITY'The lower house approved the reform by 382-118 in the first round of voting held late on Thursday.
Persons:
Luiz Inacio Lula da Silva, Lula, Fernando Haddad, Haddad, Rodrigo Pacheco, Arthur Lira, Jair Bolsonaro, Maria Carolina Marcello, Carolina Pulice, Gabriel Araujo, Michael Perry, Devika Syamnath, Alistair Bell
Organizations:
Lawmakers, Senate, Markets, JPMorgan, Finance, Workers ' Party, Thomson
Locations:
BRASILIA, Brazil