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BRAZIL: No Date Set For Income Tax Bill Submission, December Retail Sales Due

BRAZIL
BulletEM BulletEmerging Market News
  • Institutional Relations Minister, Alexandre Padilha, said yesterday that there is still no expected date for the government to submit the Income Tax bill. He said that the central debate ahead is income tax reform and that the deadline to approve the income tax exemption is this year. He also reiterated that the government is absolutely committed to the fiscal framework.
  • Meanwhile, Vice President Alckmin has said that trade quotas, that limit the amount of steel Brazil exports to the US, could be a potential alternative to US tariffs on steel and aluminium. Alckmin said that he plans to seek discussions with the Trump administration to find the best solution.
  • Retail sales are expected to have been unchanged m/m in December, following a 0.4% m/m decline previously (1200GMT/0700ET). In annual terms, sales growth is seen slowing to 3.1% y/y, from 4.7%.
    • Dec. Retail Sales YoY, est. 3.1%, prior 4.7%
    • Dec. Retail Sales MoM, est. 0%, prior -0.4%
    • Dec. Retail Sales Broad YoY, est. 3.0%, prior 2.1%
    • Dec. Retail Sales Broad MoM, est. -0.1%, prior -1.8%
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  • Institutional Relations Minister, Alexandre Padilha, said yesterday that there is still no expected date for the government to submit the Income Tax bill. He said that the central debate ahead is income tax reform and that the deadline to approve the income tax exemption is this year. He also reiterated that the government is absolutely committed to the fiscal framework.
  • Meanwhile, Vice President Alckmin has said that trade quotas, that limit the amount of steel Brazil exports to the US, could be a potential alternative to US tariffs on steel and aluminium. Alckmin said that he plans to seek discussions with the Trump administration to find the best solution.
  • Retail sales are expected to have been unchanged m/m in December, following a 0.4% m/m decline previously (1200GMT/0700ET). In annual terms, sales growth is seen slowing to 3.1% y/y, from 4.7%.
    • Dec. Retail Sales YoY, est. 3.1%, prior 4.7%
    • Dec. Retail Sales MoM, est. 0%, prior -0.4%
    • Dec. Retail Sales Broad YoY, est. 3.0%, prior 2.1%
    • Dec. Retail Sales Broad MoM, est. -0.1%, prior -1.8%