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Brazil Plans Tax Cuts For 2013

by Mike Godfrey, Tax-News.com, Washington

19 September 2012


The Brazilian government has confirmed two tax measures for next year designed to reduce the tax burden on many businesses after an alarming fall in economic growth.

The government has approved plans to extend employer payroll tax exemptions to 25 key industries from January 1, 2013. In addition, electricity producers will be handed considerable tax cuts in the expectation that the cost savings will be passed on to businesses and homeowners, thereby cutting business costs, and boosting economic activity and consumer consumption.

This year, the nation's economy is expected to grow at only half the targeted 3% growth rate despite a slew of existing tax measures designed to stimulate the economy.

Brazil has suffered a fall in international competitiveness due to its complicated and burdensome tax regime, and the strength of the local currency, the Real.

Brazil's economy had been one of the world's star performers in recent years, and was growing at a rate of 7% as recently as 2010, highlighting its sudden reversal in fortunes.

TAGS: tax | economics | business | fiscal policy | payroll | social security | Brazil | tax breaks | currency

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