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Weekly Report - 02 May 2024 (WR-24-17)
BRAZIL: Tensions escalate over tax breaks
The government of President Luiz Inácio Lula da Silva has been trying to meet its fiscal objectives by raising more revenue, a goal complicated by congress, which has backed legislation to extend tax benefits. Last year Lula vetoed a bill to extend tax breaks on payrolls for 17 sectors, but congress overturned his veto. On 25 April these tensions over tax breaks escalated when the government petitioned the supreme court (STF) to suspend them. On 30 April congress also passed a bill to extend a programme to provide tax benefits for the events industry (Perse), another spanner in the works for the government’s fiscal goals.
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