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Bolsonaro Intends To Scrap Tax On Foreign Investment In Fixed Income

BRAZIL
  • President Bolsonaro intends to further cut taxes in the second half of the year as part of a strategy to lure foreign investment and boost growth in Latin America’s largest economy, according to a government official with direct knowledge of the plans. (Bloomberg)
  • Bolsonaro intends to issue a provisional measure scrapping income tax on foreign investment in private fixed income and a decree lowering by 35% a so-called IPI federal tax on about 4,000 items produced out of Brazil’s free zone of Manaus.
    • The measures would be issued when congress returns from its mid-year break in August.
  • In the latest Exame/Ideia Runoff poll: Lula Has 47%, Bolsonaro 37%.
    • Difference between voting intentions has increased from the previous survey where Lula had 48% and Bolsonaro had 41% in the runoff scenario.
  • 1430BST/0930ET: June Tax Collections, est. 175.1b, prior 165.3b
  • Brazil state-owned oil giant Petrobras releases its production and sales report for the second quarter of 2022. Report to be released after the market closes. Complete earnings report expected to be released July 28.
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