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Brazilian Finance Minister Pledges Tax Cuts,
by Mike Godfrey, Tax-News.com, Washington
Thursday, May 15, 2008
It emerged this week that the Brazilian government plans to deliver BRL21.4bn
in tax cuts to favored industries in the period to 2011, in order to boost exports.
Speaking on Monday, Brazilian Finance Minister, Guido Mantega revealed that
the planned tax breaks were expected to benefit 25 industry sectors, including
exporters and technology firms.
In addition to the tax cuts, the authorities revealed that they intend to create
a sovereign wealth fund later this year, and to offer BRL1.3 bn in low cost
loans to Brazilian businesses.
"The objective of our industrial policy is to stimulate investment and
increase exports to ensure the sustainability of the growth cycle," Mantaga
was quoted as explaining by Reuters.
Commenting on the launch of the Productive Development Policy Package, President
Luiz Inacio Lula da Silva observed, according to Bloomberg, that:
"This puts an end to 25 years of investment apathy. This kickstarts a
new cycle of growth for our nation.''
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