LatinNews Daily - 23 February 2022

In brief: Brazil’s Guedes moots a tax cut

* Brazil’s Economy Minister Paulo Guedes has said that the government led by President Jair Bolsonaro is considering a 25% reduction to the IPI tax on industrialised products. Speaking during an event organised by bank BTG Pactual, Guedes said “Brazilian industry has suffered, for the last three, four decades, high taxes, high interest rates, and excessive labour burdens. We need to address these three questions, and we’re making a first step now, reducing the IPI by 25%”. Guedes said that the move is supported by President Bolsonaro and made possible by the federal state’s large tax take last year. “It’s a movement to reindustrialise Brazil,” he said. Questioned about the issue separately, the central bank (BCB) president Roberto Campos Neto warned that cutting taxes on industrialised products would not resolve the issue of inflation in the medium to long term. 

End of preview - This article contains approximately 139 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

LatinNews
Intelligence Research Ltd.
167-169 Great Portland Street,
5th floor,
London, W1W 5PF - UK
Phone : +44 (0) 203 695 2790
Contact
You may contact us via our online contact form
Copyright © 2022 Intelligence Research Ltd. All rights reserved.