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UPDATE 1-Brazil to seek neutral tax reform

Reuters
·1 min read

(Adds context)

BRASILIA, Jan 27 (Reuters) - Brazil Treasury Secretary Rogerio Ceron on Friday said the Finance Ministry will propose a neutral tax reform, meaning the government does not intend to raise taxes, while economists debate the improbability of the country achieving fiscal balance without them being increased.

Speaking at a news conference, he stressed that neutrality will be defined in relation to a certain level of revenue over GDP, stressing that a level below 18% "is unsustainable."

Finance Minister Fernando Haddad said President Luiz Inacio Lula da Silva's newly inaugurated government would seek to approve a tax reform on consumption in the

first half of the year

, and then dedicate itself to tax reform on income on the second half.

Ceron also said that the economic team wants to present a new fiscal framework proposal before submitting the 2024 budget law in April.

The market eagerly awaits the new framework after Lula secured Congress approval for a multi-billion-reais spending package that bypasses the constitutional spending cap to meet campaign promises. (Reporting by Marcela Ayres; Editing by Mark Porter and Diane Craft)

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