Brazil’s Haddad to Submit Tax Hikes as Part of Budget
(Bloomberg) -- Brazil Finance Minister Fernando Haddad said the federal government will include a plan to increase two taxes rates within its budget law proposal by the end of this month.
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President Luiz Inacio Lula da Silva’s administration wants to raise levies on interest on equity and also the rate of social contribution on net income, known locally as CSLL, for companies.
Haddad considers that the two levies are the most appropriate measures to compensate for the payroll tax relief approved by the Senate if more resources are needed, he told journalists in Brasilia late on Thursday.
The economic team is awaiting the Senate’s calculations in order to confirm whether additional proposals will be necessary to increase revenue.
Central Bank
Haddad also said that Lula asked him for nominations to fill the future vacancies on the board of directors of Brazil’s central bank.
According to the minister, the public hearing for the new bank leadership is being discussed between the Presidential Palace and the Senate, and that there is a possibility that the process will take place before October’s local elections.
Current Monetary Policy Director Gabriel Galipolo remains the favorite to assume the central bank presidency after the end of Roberto Campos Neto’s term, newspapers state.
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--With assistance from Martha Beck.
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