MNI BRIEF: China Visitor Mobile Payments Surge in H1

MNI China Daily Summary: Friday, July 26

MNI BRIEF: Foreign Firms Content In China

MNI BRIEF: Turkish Inflation Expectations Steady- TEBA

MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: BAKER HUGHES US RIG COUNT 589; OIL RIGS 482; GAS RIGS 101

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JUL INDEX 66.4

EZ/UK Bond Supply Calendar: BoE Short APF Operation on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Lower House Speaker Lira Angry At Delays To Tax Proposal

BRAZIL
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • Bloomberg report on new tensions between the government and lower house speaker Lira, this time centred around a proposed 20% tax on international purchases below $50. The tax is meant to support local retailers that are losing ground to Asian companies. It was included in the green mobility bill, known as Mover, that the Senate is due to vote on after its approval in the lower house.
  • However, the Senate has now withdrawn the tax proposal from its version of the Mover bill, angering Lira who said that the entire Mover program is at serious risk of falling apart, according to local media. Negotiations continue, but it remains unclear whether the proposal will be approved.
  • USDBRL briefly pierced the 5.30 level in recent trade, but has since reversed and is now trading broadly unchanged on the day, close to key resistance at 5.2869, the Apr 16 high. A clear break of this hurdle would confirm a resumption of the uptrend and open 5.3330.
161 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Bloomberg report on new tensions between the government and lower house speaker Lira, this time centred around a proposed 20% tax on international purchases below $50. The tax is meant to support local retailers that are losing ground to Asian companies. It was included in the green mobility bill, known as Mover, that the Senate is due to vote on after its approval in the lower house.
  • However, the Senate has now withdrawn the tax proposal from its version of the Mover bill, angering Lira who said that the entire Mover program is at serious risk of falling apart, according to local media. Negotiations continue, but it remains unclear whether the proposal will be approved.
  • USDBRL briefly pierced the 5.30 level in recent trade, but has since reversed and is now trading broadly unchanged on the day, close to key resistance at 5.2869, the Apr 16 high. A clear break of this hurdle would confirm a resumption of the uptrend and open 5.3330.