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Brazil to Boost Beer Taxes to Address Fiscal Accounts

Brazil’s government will increase taxes on cold beverages such as beer and soda beginning June 1 as part of efforts to increase revenue after suffering its first sovereign credit downgrade in a decade last month.

The measures, which will be announced today, are expected to raise 1.5 billion reais ($671 million) by year end and will only have a minimal impact on inflation, Carlos Alberto Barreto, the head of the federal tax told reporters in Brasilia yesterday.