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Weekly Report - 29 May 2025 (WR-25-21)
BRAZIL: Government’s fiscal plans spook markets again
Brazilian government officials announced a budget freeze as well as a tax hike on 22 May. However, rather than boosting market confidence in the government of President Luiz Inácio Lula da Silva, the announcements sparked backlash. The tax increases, specifically on the financial operations tax (IOF) on credit, foreign exchange, and other transactions, were especially unpopular. These market jitters forced Finance Minister Fernando Haddad to make an embarrassing reversal on the IOF tax rises.
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