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Zero Deficit Under Pressure As Deadline Approaches

BRAZIL
  • While some Ministers are asking for the 2024 zero deficit target to be changed, Folha has reported that the government is pressuring Minister Haddad to approve in Congress several measures to increase tax revenues to meet the target without necessitating any contingencies on expenses in 2024, which is an election year for mayors and local lawmakers.
  • It's worth highlighting that the 2024 budget is scheduled to be submitted to Congress this upcoming Thursday. Any measures involving alterations to taxes must receive approval within this year to enable their implementation in the subsequent year.
  • The rapporteur for the tax reform in the Senate is willing to include a limit to the country’s tax burden in the text. He is expected to discuss the issue with the government and lawmakers. Separately, Lawmakers approved with 390 votes (out of 405), the project that extends payroll tax relief until 2027.
  • President Lula will meet his Chief of Staff Rui Costa, Social Development minister Wellington Dias and Institutional Relations minister Alexandre Padilha (1300BST/0800ET). Central Bank Governor Campos Neto meets Eubury’s Chairman Sergio Rial (1700BST/1200ET) and attends the Financial Stability Committee’s second session (1730BST/1230ET).
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