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Haddad And Pacheco Seek Deal To Reimpose Payroll Tax

BRAZIL
  • Local media are noting the progress the government is making with Congress over the gradual removal of payroll tax exemptions. Folha report that yesterday the government asked the Supreme Court to suspend its examination of a case on the tax breaks, at the request of Senate leader Pacheco, while the two sides attempt to reach an agreement.
  • Finance Minister Haddad and Pacheco are due to meet today to continue these discussions as they seek a deal to gradually reimpose the tax. Separately, another bill has been proposed that would allow for gradual tax increases for 17 sectors of the economy from next year to make up for the tax breaks.
  • The perceived progress might be contributing to some very modest outperformance for the Brazilian real on Thursday, despite the recovery off the lows for the dollar index. As previously noted, 5.0827 (50 day EMA) and 4.9984, the Apr 10 low remain the key points of focus on the downside.
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