The Brazilian government's campaign to impose a financial transactions tax in order to boost health-care funding received a fillip on Wednesday, when a proposed 0.1% levy was approved by the lower house.
According to reports, the measure passed by 259 votes to 159, two votes above the approval threshold in the lower house.
The proposed levy is expected to collect in the region of BRL11.8bn, a Bloomberg report revealed.
However, the fight is not yet over for the government, as the transaction tax still needs to pass the Senate, which late last year voted against the extension of a similar tax.
In December 2007, President Luiz Inacio Lula da Silva suffered a crushing political blow after his government failed to secure the votes needed to renew the CPMF financial transactions tax.
Despite negotiations with the opposition to secure an extension of the levy - which would have brought in an estimated US$22 billion in revenue this year - until 2011, the coalition government fell short of the 49 votes (out of 81) needed in the Senate for the tax to be renewed.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment