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Fiscal Framework Bill Draft Sent To Congress

BRAZIL
  • The finance ministry released the first draft of the new fiscal framework bill which President Lula sent to congress. A decision to order a change has added a degree of uncertainty over the government’s ability to boost its revenues — a key element for the plan’s success. The lower house speaker Arthur Lira may announce rapporteur of the bill today and hopes that it can be voted on before May 10.
  • Lula decided to scrap a proposal that would ensure that small purchases made abroad through popular websites such as Shein or Shopee are taxed according to the law, which would have brought in about 40 billion reais ($8 billion) in extra revenue.
  • Some of those companies were taking advantage of a tax exemption intended only for transactions of up to $50 between individuals, according to Finance Minister Fernando Haddad, who championed the idea.
  • But Lula forced Haddad to backtrack after public outcry over the proposal. While the finance chief has said his team has mapped out 300 billion reais in revenue-boosting measures, his defeat on the matter rekindled investor concerns that the current proposal relies too much on revenue growth. (BBG)
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