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Government May Drop Plan For Tax Increase On Bank Profits

BRAZIL
  • CNN Brasil reports that the government may give up on its proposal for a 1% increase in a tax on bank profits as a way to offset the payroll tax relief. Instead, the government may accept the Senate proposals to offset the cost of the gradual restoration of payroll taxes. Earlier this week, Senate leader Pacheco said that the Senate had proposed at least 10 alternatives to the government. If these proposals prove insufficient the government should be able to seek additional compensation in the future, according to the report.
  • Amidst the improved risk backdrop, BRL is continuing to consolidate its moderate strength this week, with USDBRL dipping below the 5.60 level in recent trade. The pair has pierced initial support at 5.6095, the 20-day EMA, with the 50-day EMA sitting at 5.4944.
  • Meanwhile, DI swap rates are 4-6bp higher on the day, broadly in line with the move in core rates.
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