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CARF Bill Approved, Minister Haddad Sees BRL50bn Of Extra Revenues

BRAZIL
  • Brazil Senate approved by 34 votes to 27 the CARF (Administrative Council of Tax Appeals) bill which foresees the resumption of the casting vote in favour of the Treasury, when judging tax appeals. If not modified, the text goes for Presidential approval. This is one of the main assets of Finance Minister Haddad to eliminate the fiscal deficit next year, who called the approval as “priceless”, expecting extra revenues of BRL 50bn.
  • Following the approval for the urgency of the payroll tax relief extension on Tuesday, the Lower House approved last night by 430 votes in favour (vs 17) the bill text. It now returns to the Senate due to changes made by lawmakers, representing a defeat for the government.
  • Against expectations, President Lula did not make the formal announcement on the Cabinet Reform last night, which should happen only when he returns to Brasilia. Brazil nominal and primary budget balances, net debt % GDP (1230BST/0730ET) and national unemployment rate (1300BST/0800ET) are scheduled for today.
  • Brazil has surprised with better-than-expected macro and fiscal performance, said Shelly Shetty, Fitch’s head of Americas and Asia sovereigns, in an interview with Valor, justifying the country’s rating upgrade on July 26. But the road back to investment grade will be long. (Valor)
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