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Market Holiday, Haddad Tax Measures Announced

BRAZIL
  • Markets are closed in Brazil today with USDBRL set to close the year within a familiar range, albeit towards the lower extreme around 4.85. Finance Minister Fernando Haddad unveiled on Thursday a set of tax adjustments aimed at restricting tax benefits on various fronts to ensure fiscal compensation for waivers that were not originally budgeted for next year.
  • Speaking at a press conference, he stressed that President Lula’s administration would continue to pursue balanced public accounts in 2024. The minister had previously indicated that the government would present a substitute proposal for a bill that extended payroll tax exemptions for 17 labor sectors until 2027 after Congress voted in December to override the President’s veto of it. (Reuters)

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