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Brazil To Grant Income Tax Exemptions

by Robert Lee, Tax-News.com, London

14 December 2001


The Brazilian Congress announced on Wednesday that it plans to increase the national minimum wage, and to grant individual income tax exemptions, despite the fact that this will impose tough budgetary constraints on the government.

This pre-election spending spree could be seen as an indication of the diminishing support for the administration as it attempts to bolster itself for next October's general election.

According to reports, the lower house was also set to vote on Wednesday in favour of a 27.5% adjustment of income tax exemptions in order to compensate for inflation and salary rises over the past six years. This is likely to create a revenue shortfall of around R$2.6 billion.

It is thought that the Senate could vote on the proposals as early as next week.


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