05-2021 Latin American Economy & Business
Economy & Business Report
Brazil’s budget deal is made for breaking
One sign of the government’s willingness to make some limited concessions to its critics was an announcement that last year’s tax reforms – designed to raise annual government revenues equivalent to 3% of GDP to fund health and education reforms – are being simplified. After a series of meetings with congressional business leaders the government says it will now submit a new bill simplifying tax assessment, particularly for small and medium sized enterprises (SMEs). Finance Minister Rodrigo Valdés said “This isn’t a reform within the reform. It is just the culmination of a process. We don’t want to open more discussions on tax, we just want simplifications.”
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