Taxation in Brazil

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The Brazilian government on Tuesday reinstated a 1.5 percent financial transaction tax on loans from state development bank BNDES , part of efforts to discourage subsidized lending and narrow the country’s swelling budget deficit.

President Dilma Rousseff has dropped the idea of reinstating a tax on financial transactions to bridge a gaping fiscal deficit in Brazil after it ran into a barrage of criticism even from within her coalition, Brazilian media reported on Sunday.

The Brazilian government is considering reviving a financial transaction tax known as CPMF in a bid to shore up its finances in 2016, two sources close to President Dilma Rousseff’s economic team said on Thursday.

Desperate to fix a fiscal crunch threatening its investment grade credit rating, Brazil is aiming to lure back some of an estimated $150 billion in unreported assets held abroad in tax havens and secret bank accounts.

Brazil’s government will provide incentives for over 29,000 companies to use about 860 billion reais ($267 billion) worth of tax credits to settle existing tax debts, in the latest effort by President Dilma Rousseff to raise more revenues and cut a ballooning budget deficit.

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