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Haddad Welcomes News On ICMS Tax Deduction, Activity Data Due Friday

BRAZIL
  • The Superior Court of Justice decided to limit the deduction of tax benefits on state tax ICMS from the calculation basis of Corporate Income Tax and Social Contribution on Net Income under the new fiscal rule. Judges were momentarily interrupted by an injunction issued by Supreme Court Judge Andre Mendonca, but decided to continue with the ruling.
  • The decision was welcomed by Finance Minster Fernando Haddad, who stated the measure is key for Brazil’s new fiscal plan to work and that it will have the additional benefit of helping the BCB to cut interest rates. The minister added that he expects a boost to government revenue of 90 billion reais per year.
  • Local docket has March formal job creation and the central government’s budget balance at 1800BST/1300ET. Focus then turns to tomorrows March unemployment rate and February economic activity data. The BCB’s monthly activity gauge likely recovered some ground in February where expectations are currently for a 0.9% advance from the prior month and a 0.7% increase from a year earlier.
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