It has been reported that the Brazilian government is considering a proposal that will offer tax incentives for purchasers of long term domestic debt.
According to the local Agencia Estado news agency, Treasury Secretary Joaquim Levy indicated on Monday that the measure could go into effect as early as 2005, although it is unclear at the moment what the nature of the incentive will be.
"We're considering an adequate level of taxation to unburden long-term savings," Levy was quoted as saying. "Currently it doesn't make a difference if investors buy debt with maturities of one month, one year, or two years," he added.
The tax rate on earnings from all Brazilian public debt securities currently stands at 20%.
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