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Lower House Speaker Lira Angry At Delays To Tax Proposal

BRAZIL
  • 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  • However, the Senate has now withdrawn the tax proposal from its version of the Mover bill, angering Lira who said that the entire Mover program is at serious risk of falling apart, according to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.
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