09/06/2024 – 18:43
The Finance Ministry is considering raising taxes that do not require approval from the National Congress in order to be adjusted and allow for immediate entry into force if it finds it necessary to increase revenue to balance this year’s accounts, two sources at the ministry told Reuters.
+ Lula says that, in 2026, he will send a proposal for income tax exemption for those who earn up to R$5,000
The additional measure, according to sources, may be presented together with the bimonthly revenue and expenditure report, which will indicate at the end of this month whether the government needs to increase revenue collection to meet the target of a zero primary deficit in 2024, which has a tolerance band of 0.25 percentage points of GDP.
“We have to think of something that has a direct impact, that doesn’t have to be annual, ninety-day or (need) approval from Congress, something extra-fiscal,” said one of the authorities, speaking on condition of anonymity because the discussions are not public.
Taxes that fall into this category include the Tax on Financial Transactions (IOF), Import Tax and Export Tax.
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