By Bernardo Caram
BRASILIA (Reuters) – Brazil’s authorities is contemplating tax hikes that don’t require congressional approval to steadiness this yr’s finances, two finance ministry sources mentioned on Friday, after officers acknowledged that new income measures may very well be carried out.
Taxes on this class might embody a levy on monetary transactions (IOF), and import and export taxes, which might all be adjusted through presidential decree.
On Thursday, the Treasury unveiled a plan for brand new income measures, if crucial, to make sure compliance with the yr’s fiscal goal of eliminating the first deficit.
The contemporary measures may very well be included within the bimonthly income and expenditure report due later this month, the Treasury mentioned.
In July, the federal government froze 15 billion reais ($2.68 billion) in federal expenditures to satisfy the fiscal purpose. The brand new evaluation of federal accounts might be introduced on Sept. 20.
To finalize its evaluation, the Finance Ministry is ready for approval of a invoice that features compensatory measures for pricey payroll tax waivers handed by Congress.
These measures embody securing assets from judicial deposits, amassing dormant checking account funds and repatriating abroad belongings.
One of many sources famous that even with the approval of those measures, the implementation course of is not going to be simple, requiring the issuance of recent laws and packages.
($1 = 5.5988 reais)
