Brazil’s newly sworn-in president, Luiz Inácio Lula da Silva, signed a decree on Sunday extending the federal tax exemption for fuel by 60 days, a move aimed at lowering its cost.
The decree was among the first batch of decisions taken by Lula hours after his inauguration as president, after replacing far-right leader Jair Bolsonaro and officially establishing his cabinet of 37 ministers.
Among other immediate measures that the government of President Luiz Inácio Lula da Silva will take is the revocation of the latest measures taken by the Jair Bolsonaro government in the economic area by his Finance Minister, Fernando Haddad.
An exemption from the PIS/Cofins tax for a series of financial market operations and the appointment of members of the current leadership of Receita Federal to hold positions abroad, with salary increases, should be revoked, possibly as of 2 January.
According to sources, the economic team was uncomfortable with the acts adopted by the current management at the end of the mandate. Haddad had already asked Economy Minister Paulo Guedes for measures with a fiscal impact that await the new government that takes office.
On Friday night, however, the then acting President of the Republic, Hamilton Mourão, reduced the PIS/Pasep and Cofins rates in a series of financial operations. In the case of the PIS/Pasep, the rate went from 0.65% to 0.33 percent. In the case of Cofins, the rate dropped from 4% to 2 percent.
According to a statement from the General Secretariat of the Presidency of the Republic this Saturday, the financial income “derived from operations carried out for hedging purposes, obtained by legal entities subject to the non-cumulative calculation regime of said contributions” will be impacted.
In this way, it seeks to reduce the PIS/Cofins tax burden on the financial income of companies that are in the non-cumulative system, freeing up resources so that they can expand their operations, invest and create new jobs”, he stated. she says.
Sources linked to the new government affirm that this reduction will be revoked.
Another action of the Bolsonaro government that would be revoked is the appointment of leaders of the current direction of the Secretariat of Federal Revenue for positions abroad. Bolsonaro had signed a decree so that Treasury attachés have a salary equivalent to that of an ambassador.
(With information from Reuters)
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