The unification of consumption taxes in Brazil, as well as tax standardisation (at least among the MERCOSUL members) is an important factor for attracting new investment and, ultimately, increasing South America’s share in the world economy. While MERCOSUL members Argentina, Paraguay and Uruguay have moved toward harmonisation of taxes over consumption, the adoption of a single federal VAT in Brazil is pending tax reform. Brazil’s indirect tax structure is unique within MERCOSUL and its Associated members, where taxation over consumption is primarily through a VAT and falls under federal administration. In Argentina, Chile and Colombia there is a tax on consumption (IVA) similar to the EU's VAT.