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Vote Expected On ICMS Tax Bill Within Two Weeks

BRAZIL
  • Legislative bill that would implement a cap between 17% and 18% for state-level ICMS tax on fuels will be directly sent to Senate floor, Senate Head Rodrigo Pacheco said alongside state finance secretaries.
    • Pacheco said that Senate will take the necessary time to analyze the bill while Fernando Bezerra Coelho, the bill’s rapporteur in the Senate, said he expects a vote on the bill within two weeks
  • Brazil’s primary budget balance is likely to show a surplus of 30.1b reais in April, according to economists surveyed by Bloomberg, compared with a surplus of 4.3b reais in prior reading. Central Bank is expected to release numbers at 1330BST/0830ET.
  • Elsewhere, Central bank Governor Campos Neto is expected to speak in Brasilia at 2pm local while attending a public hearing at Lower House Committee.
  • Brazil Publishes Decree That Freezes BRL8.2b From 2022 Budget (BBG)
    • Decree amends another published on Feb. 11 which deals with budgetary and financial programming and establishes the monthly execution schedule of disbursement for fiscal year 2022.
    • Measure promotes adjustments in order to ensure compliance with the spending cap, says the General Secretariat of the Presidency in statement.
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