Brazilian Lawmakers Postpone Vote on Repatriation of Funds

  • Lower house now scheduled to make decision on Nov. 10
  • This is second time legislators have delayed the legislation

Brazilian lawmakers decided to postpone until next week the vote on a government proposal to boost fiscal revue by providing incentives for citizens to repatriate fortunes.

After hours of debate on the lower house floor failed to produce results Wednesday evening, legislators scheduled the vote for Nov. 10. The bill allows Brazilians to bring money back into the country by paying a fee while averting tax evasion charges. It is part of Finance Minister Joaquim Levy’s program of tax increases and spending cuts that is designed to narrow the budget deficit.

This is the second time legislators have postponed their decision since President Dilma Rousseff’s administration submitted the proposal to Congress in September. The bill will go to the Senate if approved in the house.

Congressman Jose Guimaraes, the Rousseff administration’s leader in the house, said lawmakers needed more time to analyze the legislation on repatriation.

Opposition chief Mendonca Filho said the government is stalling because it doesn’t have enough support to win approval for its proposal. Lawmakers earlier this week went against the administration and approved amendments that reduce the amount of money the government had expected to raise from a broader tax bill.

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