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Tax Reform in Focus, But Lira Could Fall Behind Timeline Pledge

BRAZIL
  • Media focus remains on the senate hearing for the new BCB members Galipolo and Aquino, who spoke in front of lawmakers yesterday, but said little specific on policy beyond recent CB communications.
  • House speaker Lira is set to continue pressing ahead with fiscal reform matters: He is expected push forward key votes today in order to free lawmaker's schedules to debate tax reform. He had previously pledged to achieve this by the end of this week.
  • On tax reform, Estado reports the Rapporteur had admitted reviewing specific items within the tax reform text due to recent political pressures, while also reporting that state governors had accepted that tax revenues could be lost in the short-term due to any reforms.
  • Following the Mercosur summit earlier this week, Lula has pledged to strengthen and expand the bloc despite growing internal disagreements between members. One particular suggestion that met opposition was any resumption of talks with Venezuela, which met immediate pushback, according to reports.
  • The finance minister is set to be meeting with state governors later today as well as the president of the national bank federation. Jun PMI data will cross in just over an hour's time at 1400 UK time / 0900ET.
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