Tax cuts are likely to cost over 110 billion reais ($21.5 billion) in Brazilian tax revenue this year, as President Jair Bolsonaro tries to ease inflation and spur the economy in an election year
(Bloomberg) Key members of Brazil Economy Minister Paulo Guedes’s team, including the Treasury secretary, resigned from their jobs following reports that the government is bound to break fiscal spending rules to boost social spending in the run-up to next year’s elections.
Four senior Brazilian Treasury officials resigned on Thursday amid signs the government is looking to lift a constitutional spending cap, hammering Brazil's stocks and currency while driving up interest rate futures.