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LatinNews Regional Monitor: Brazil & Southern Cone - 7 January 2019

In brief: Brazil

* Brazil’s new chief of staff, Onyx Lorenzoni, has said that the government will not lower income tax rates until it has first readjusted the country’s fiscal balance, which requires tackling its primary deficit (Brazil’s fiscal deficit is expected to total R$139bn [US$37.4bn] this year). This contradicts earlier comments by President Jair Bolsonaro, who had said that Economy Minister Paulo Guedes would look to lowering the rate of income tax for high earners from 27.5% to 25%.