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Bimonthly Income and Expenses Evaluation Report Due At 1930BST

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  • April tax collection data came in broadly in line with expectations, at BRL 228.9 billion. Tax collection was up 8.3% y/y in real terms (vs, +7.2% previously), supported by higher taxes from wages and consumption. Itaú note that tax collection is recovering over the last months with some improvement in consumption-related taxes, likely reflecting a temporary boost coming from court-ordered payments to households.
  • The domestic macro calendar is light today, with April current account and FDI the next release of note on Friday. Attention today turns to the FOMC minutes, due at 1900BST(1400ET). On the political front, Finance Minister Haddad will attend a public hearing at the lower house Finance and Tax Committee at 1300BST, followed by a meeting with S&P Global Ratings at 2200BST.
  • Meanwhile, the government will release its bimonthly Income and Expenses Evaluation Report 1930BST(1430ET), followed by a press conference with Federal Budget Secretary Paulo Bijos, Treasury Secretary Rogerio Ceron and Tax Agency Secretary Robinson Barreirinhas at 2000BST.
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  • April tax collection data came in broadly in line with expectations, at BRL 228.9 billion. Tax collection was up 8.3% y/y in real terms (vs, +7.2% previously), supported by higher taxes from wages and consumption. Itaú note that tax collection is recovering over the last months with some improvement in consumption-related taxes, likely reflecting a temporary boost coming from court-ordered payments to households.
  • The domestic macro calendar is light today, with April current account and FDI the next release of note on Friday. Attention today turns to the FOMC minutes, due at 1900BST(1400ET). On the political front, Finance Minister Haddad will attend a public hearing at the lower house Finance and Tax Committee at 1300BST, followed by a meeting with S&P Global Ratings at 2200BST.
  • Meanwhile, the government will release its bimonthly Income and Expenses Evaluation Report 1930BST(1430ET), followed by a press conference with Federal Budget Secretary Paulo Bijos, Treasury Secretary Rogerio Ceron and Tax Agency Secretary Robinson Barreirinhas at 2000BST.