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Weekly Report - 20 September 2007 (INNS 1741-7422)
BRAZIL : Government wins first tax battle
Early this week the lower chamber of congress approved the extension, until
2011, of a provisional tax on financial transactions (CPMF) in the first of
three readings. The approval is a victory for the government of President Lula
da Silva, albeit a draining one. The effort, however, will certainly pay off:
the CPMF levies 0.38% on every financial transaction and is expected to yield
R$39bn (US$20bn) next year alone.
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