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Senate Leader Pacheco To Push For Payroll Tax Exemption Extension

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  • Noting some comments from Senate leader Pacheco this afternoon, who said that the Senate was absolutely convinced that the payroll tax exemption extension was not against the law. Acknowledging that the Senate’s position is creating tension with the government, he said that tax relief for 17 business sectors by 2027 and a reduction in tax rates for municipalities was fundamental for the country.
  • Pacheco said that he will present an appeal today against the Supreme Court decision to partially suspend the extension of the payroll tax exemption until 2027. He also said that the discussion with the government needs to focus on public spending and where excess expenditure can be cut.
  • Despite ongoing fiscal uncertainties, local assets have outperformed today, with DI swap rates falling 15bp or more around the 2-year segment and BRL up ~0.9% against the dollar.
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  • Noting some comments from Senate leader Pacheco this afternoon, who said that the Senate was absolutely convinced that the payroll tax exemption extension was not against the law. Acknowledging that the Senate’s position is creating tension with the government, he said that tax relief for 17 business sectors by 2027 and a reduction in tax rates for municipalities was fundamental for the country.
  • Pacheco said that he will present an appeal today against the Supreme Court decision to partially suspend the extension of the payroll tax exemption until 2027. He also said that the discussion with the government needs to focus on public spending and where excess expenditure can be cut.
  • Despite ongoing fiscal uncertainties, local assets have outperformed today, with DI swap rates falling 15bp or more around the 2-year segment and BRL up ~0.9% against the dollar.