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Brazil Planning Tax Hikes To Prop Up Finances

by Mike Godfrey, Tax-News.com, Washington

02 September 2015


Brazil's Finance Minister, Joaquim Levy, has said that the country needs to adopt revenue raising measures to balance the public accounts next year.

The Minister said that the Government plans to increase revenue by BRL11.2bn (USD3bn) through a fiscal adjustment in 2016.

The Government will review exemptions from the PIS/COFINS social security contributions for computers, smartphones, and tablets, Levy said. In an earlier statement Levy said that the Government is taking steps to simplify the process of complying with the PIS/COFINS and improve the efficiency of the levies.

The Government has also decided to reinstate the IOF financial transaction tax on loans from the state development bank BNDES.

Levy said that the country is expected to run a central government primary deficit (the deficit less debt interest costs) of BRL30.5bn, or 0.5 percent of gross domestic product (GDP), next year.

TAGS: Finance | tax | economics | fiscal policy | gross domestic product (GDP) | budget | social security | Brazil | tax reform | Tax | Financial Transactions Tax (FTT)

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