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Haddad And Senate Leader Pacheco Propose Bills On Payroll Tax

BRAZIL
  • At a meeting last night, Finance Minister Haddad and Senate leader Pacheco proposed two bills on the payroll tax, according to Estadao. A provisional measure would cancel the payroll tax reinstatement and another would maintain the withdrawal of the Perse program for the events sector and the limit on offsetting credits for tax payments. A decision on the matter should only be taken upon the end of the parliamentary recess, in February, after Haddad has spoken to lower house Speaker Lira, according to the report in local media.
  • With the USD rallying and US yields moving higher this morning, Brazilian assets are opening on the back foot, in line with the generally negative tone in global markets. ZAR and MXN, both among the main peers of BRL, are among the worst performing currencies, with the former declining ~1.2%. On the data front, IBGE services volumes for November was released at the open, which were in line with median surveyed estimates:
    • Brazil Nov. Services Volume Rises 0.4% M/m, Est. +0.4% (BBG)
    • Brazil Nov. Services Volume Falls 0.3% Y/y; Est. -0.3% (BBG)
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