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Finance Ministry Announces Fiscal Measures

BRAZIL
  • Brazil Finance Minister Haddad Announces Tax Debt Renegotiation Program, Offering Installments, Discounted Fines And Interest
  • Announces new rules for companies to generate tax credits based on ICMS state tax
  • Says change in ICMS tax credit rules should add 30 billion reais in additional 2023 revenue
  • Says totality of fiscal measures planned by the govt would take 2023 primary deficit of 232 bln reais to an 11 bln reais surplus
  • Says total adjustment takes into account a broad review of federal government spending, upward adjustment in revenues that were already expected
  • Says improvement in budget balance will benefit from reversal of tax reductions on fuels and on financial revenues from large companies
  • Says primary surplus forecast considers that the government will not spend 25 billion reais that have already been budgeted
  • Expects to increase 2023 revenue by 50 bln reais with tax debt renegotiation program (All Reuters)

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