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BRAZIL: Haddad In No Rush To Submit Income Tax Reform Bill, Services Volume Due

BRAZIL
EM BulletBulletGlobalEmerging Market NewsRegion
  • Finance Minister Haddad said yesterday that taxing millionaires is a possibility in the government’s planned income tax reform. Extra revenue would be used to help offset exemptions, he said, adding that the reform has to be neutral from a tax collection point of view. However, he said that there is no pressure to submit the bill and the government will not rush to approve it once it is sent.
  • USDBRL closed 0.18% lower at 5.5835 yesterday, having tested initial resistance at 5.5971, the Sep 23 high, during the session.
  • On the data front today, services volume is expected to rise by a further 0.2% m/m in August, following a 1.2% gain in July (1300BST/0800ET). In annual terms, growth is seen moderating to 3.7% y/y, from 4.3%. Next week, focus turns to August economic activity data, which are due on Monday.
    • Aug. IBGE Services Volume MoM SA, est. 0.2%, prior 1.2%
    • Aug. IBGE Services Volume YoY NSA, est. 3.7%, prior 4.3%
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  • Finance Minister Haddad said yesterday that taxing millionaires is a possibility in the government’s planned income tax reform. Extra revenue would be used to help offset exemptions, he said, adding that the reform has to be neutral from a tax collection point of view. However, he said that there is no pressure to submit the bill and the government will not rush to approve it once it is sent.
  • USDBRL closed 0.18% lower at 5.5835 yesterday, having tested initial resistance at 5.5971, the Sep 23 high, during the session.
  • On the data front today, services volume is expected to rise by a further 0.2% m/m in August, following a 1.2% gain in July (1300BST/0800ET). In annual terms, growth is seen moderating to 3.7% y/y, from 4.3%. Next week, focus turns to August economic activity data, which are due on Monday.
    • Aug. IBGE Services Volume MoM SA, est. 0.2%, prior 1.2%
    • Aug. IBGE Services Volume YoY NSA, est. 3.7%, prior 4.3%