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Bill To Tax Offshore Investments Approved By Lower House

BRAZIL
  • On Wednesday, Brazil’s lower house approved a bill to tax offshore investments and funds with few shareholders. The vote count was 323-119 in favour and the matter now goes to the Senate. The bill is one of Finance Minister Fernando Haddad’s priorities and was only put on the agenda after President Lula appointed a new CEO of Caixa Econômica Federal, picked by Lower House Speaker Arthur Lira.
  • The government planned to raise R$3.2 billion in 2023 to compensate for the increase in the individual income tax exemption, and about R$20 billion in 2024 to help with fiscal adjustment. The changes should reduce revenues, but no new estimates have been released by the rapporteur, Congressman Pedro Paulo. - Valor

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