ee branches of government: Executive, legislature, and judicial. The president is elected to a four year term by direct balloting. It is compulsory for those aged 18 and older to vote and those aged 16 or 17 may choose to cast a ballot. The legislative branch contains two chambers the Senate and House of Representatives. The judicial system is headed by the Supreme Court and consists of various local, county, and state courts. Democracy has recently returned to Brazil in 1985 after twenty years of military rule.(PW 3) The current President is Fernando Henrique Cordoso who will leave office in 1998 when a new official is elected. There are approximately twenty political parties in Brazil. (Lomheim)
             The corporate structure in Brazil is much different than that of the United States. All corporate taxes must be paid on a monthly basis, not a quarterly or yearly basis. There is a standard 25% rate for all firms per month. In addition, if the firm earns over 25,000c that month then there is an additional 10% tax levy for all corporations and 15% if it is a banking institution. There are some small tax exemptions if the firm is located in the Northeast or Amazon region of Brazil. All of the firm's books must be kept using the accrual method and consolidated tax returns are not permitted in Brazil. The LIFO approach to inventory valuation is not acceptable in Brazil. (PW 128)
             There are six primary regulatory institutions within Brazil. The BACEN controls the central bank, the CVM regulates the securities industry, CADE is the Administrat
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