Brazil’s Congress Gets Haddad Closer to Zero 2024 Fiscal Deficit
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Brazil’s congress handed Finance Minister Fernando Haddad a victory by approving a bill that will help boost public revenue and leave him closer to fulfilling the promise to zero the primary fiscal deficit, which excludes interest payments, in 2024.
The proposal reduces federal tax exemptions based on ICMS state tax incentives for large companies and was approved by the Senate on Thursday evening after weeks of negotiation between lawmakers and the economic team. The proposal had already passed the lower house and now needs to be signed into law by President Luiz Inacio Lula da Silva.