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Council For Finance Policy Freezes ICMS Tax on Fuels for 90 Days

BRAZIL

(Bloomberg)Brazilian Council for Finance Policy unanimously approved the freezing of ICMS tax charged on fuel sales for 90 days, according to a Economy Ministry statement.

  • Decision was taken by the collegiate in an extraordinary meeting this Friday.
  • Goal is to collaborate with the maintenance of prices at values in effect on Nov. 1, 2021 until Jan. 31, 2022, according to the note.
  • For reference, President Bolsonaro has blamed the so-called ICMS tax for the rise in fuel prices that have contributed to his declining poll numbers, pushing for it to be changed.

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