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Brazil Says Finances To Deteriorate This Year

by Mike Godfrey, Tax-News.com, Washington

16 August 2017


Brazil has lowered its primary deficit target for this year to BRL159bn (USD50.12bn) from BRL139bn after a significant fall in tax revenues.

The Government said it expects revenue to be BRL42.5bn lower than previously expected. Brazil, which has faced a number of political scandals over the last few years, said that the fiscal crisis it is facing is being further complicated by a lack of agreement on much-needed tax reform.

As well as cutting government spending, the Government said it will align the tax rules for closed-ended investment funds with "common funds" (fundos comuns).

TAGS: tax | investment | investment funds | Brazil | tax reform

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