Business and Finance Business and Finance
Fri, November 29, 2024
[ 05:30 AM ] - Bill Williamson
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Thu, November 28, 2024
[ 11:58 PM ] - Bill Williamson
Japanese banks sticking with Adani as Jefferies, Barclays review ties
[ 11:58 PM ] - Bill Williamson
UBA Group to commence full banking operations in France
[ 11:58 PM ] - Bill Williamson
Japanese banks stand firm with Adani despite US bribery charges
[ 11:57 PM ] - Bill Williamson
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[ 11:57 PM ] - Bill Williamson
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[ 03:34 PM ] - Bill Williamson
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[ 03:34 PM ] - Bill Williamson
Brazil's Haddad seeks to soothe market concerns over income tax reform

Brazil's Haddad seeks to soothe market concerns over income tax reform


Published on 2024-11-28 15:34:24 - Bill Williamson, WOPRAI
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  • Brazil's Finance Minister Fernando Haddad on Thursday sought to calm the market following a meltdown over the announcement of a reform that would increase income tax exemptions, emphasizing that the measures would be fiscally neutral and take effect only in 2026 after Congress approval.

Brazilian Finance Minister Fernando Haddad announced on November 28, 2024, that the proposed income tax reform, which aims to tax the wealthiest individuals, will be revenue-neutral and is expected to take effect in 2026. The reform includes a new taxation model for high-income earners, with rates starting at 22.5% for those earning over 4,000 reais monthly, escalating to 35% for incomes above 10,000 reais. Haddad emphasized that the reform would not increase the overall tax burden but would redistribute the tax load more equitably. He also mentioned that the government plans to compensate for any potential revenue shortfalls by adjusting other tax policies, ensuring the reform's neutrality. Additionally, the minister highlighted the importance of this reform in addressing social inequalities and improving the efficiency of Brazil's tax system.

Read the Full Reuters Article at [ https://www.reuters.com/world/americas/brazils-haddad-says-income-tax-reform-be-neutral-take-effect-2026-2024-11-28/ ]
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