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Government Seeks Cut Of 25% In Industrialization Tax: Guedes

  • Government will reduce IPI tax by 25%, Brazil Economy Minister Paulo Guedes said at a BTG Pactual event in Sao Paulo.
  • Government prefers to transfer revenue gains in the form of tax reductions to millions of Brazilians. The economy minister added tax reform will be done in “due time”.
    • Real growth of 16% in January tax collection will be announced in coming days.
    • Guedes expects “everyone” will spend the year reviewing Brazil’s GDP upwards.
    • Guedes criticized salary increase for civil servants, adding that there was an “invisible” administrative reform of salary adjustment. (BBG)
  • *Separately, Lower House Speaker Lira said a so-called PEC for fuel price ruled out explaining congress's focus must be on fuel ICMS tax bill.

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