Free Trial

Benchmark Tax Reform Passes First and Second Votes; Legislation Shifts to Senate

BRAZIL
  • President Lula has lauded the passage of the tax reform bill through the lower house of parliament, calling the legislation "A historic moment and a great victory for the country".
  • Overnight, lawmakers approved the first significant tax reform package in decades, which now must face scrutiny via two votes in the Brazilian Senate and a possibly another pass through the Lower House.
  • The bill aims to revitalise Brazil's public finances, consolidating various VAT measures, providing zero rate taxes on basic food stuffs, and standardising the tax approach for healthcare, medicines, education and others.
  • Sell-side response to follow.
  • Data out ahead of the open today showed FGV Inflation slowing faster than forecast: -1.45% vs. Exp. -1.23% (Prev. -2.33%), Y/Y at -7.44% vs. Exp. -7.21% (Prev. -5.49%).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.