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Musician Paul McCartney performs during his Got Back tour at SoFi Stadium in Inglewood, California, U.S., May 13, 2022. Tickets priced between 200 reais ($41) and 400 reais ($82), much lower than most of those for the tour, sold out in just a few minutes. Fans who managed to buy tickets received wristbands for the concert. Upon arrival, event organizers sealed up fans' mobile phones and cameras to prevent images being recorded. Reporting by Bernardo Caram; Writing by Steven Grattan; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Paul McCartney, Mario Anzuoni, McCartney, Amanda Cardoso, I'd, Bernardo Caram, Steven Grattan, Bill Berkrot Organizations: REUTERS, Rights, Cavern Club, Beatles, Clube, Choro, Thomson Locations: Inglewood , California, U.S, Rights BRASILIA, Liverpool, Brazil, Brasilia, Belo Horizonte, Sao Paulo, Curitiba, Rio de Janeiro

"The revenue service is already organizing the implementation of this minimum taxation on multinationals," she said in an interview on Wednesday. The revenue service did not immediately respond to a request for comment. It advocates that this mechanism will ensure that large multinational companies pay a minimum 15% tax on their profits in all jurisdictions where they operate to deter profit-shifting to tax-favorable locations. The OECD estimates that the global minimum tax, already under way in countries including South Korea and Japan, could generate up to $200 billion in additional annual revenue. She also said Brazil aims to go further in the global tax discussion to reduce differences between advanced and emerging economies and to promote the green agenda.

Persons: India Narendra Modi, Luiz Inacio Lula da Silva, Joe Biden, Rishi Sunak, Kenny Holston, Tatiana Rosito, Maria Carolina Sampaio, GVM, Rosito, Marcela Ayres, Bernardo Caram, Matthew Lewis Organizations: U.S, UK, Rights, Finance, Reuters, Organization, Economic Cooperation, Development, OECD, International Monetary Fund, Thomson Locations: India, Brazil, New Delhi, Rights BRASILIA, South Korea, Japan, United States, Rosito, Brasilia

BRASILIA, Oct 26 (Reuters) - Brazil's Finance Ministry is preparing a decree that nearly doubles the tax on the sale of firearms and ammunition, arguing that the measure is necessary to boost revenue and reduce crime, according to a draft document seen by Reuters. Prepared by the revenue service at the request of Finance Minister Fernando Haddad, the decree raises the industrial tax on revolvers, pistols, shotguns, carbines, pepper spray, and other equipment from 29.25% to 55%, in addition to also increasing the tax on ammunition. The proposal was sent by the revenue service to the ministry's executive secretary, Dario Durigan, on Wednesday night. The revenue service declined to comment. The move aligns with other actions by leftist Lula, who has consistently opposed policies that encourage the sale and use of firearms.

Persons: Fernando Haddad, Dario Durigan, Luiz Inacio Lula da Silva, Lula, Jair Bolsonaro, Bernardo Caram, Bill Berkrot Organizations: Brazil's Finance Ministry, Reuters, Finance, Thomson Locations: BRASILIA

FDI in Brazil fell 36% in the first eight months of 2023 to $37.9 billion. Currently, investors in long-term projects in Brazil with exposure to foreign currency pay taxes on currency appreciation over the course of the project - which the central bank has long flagged as a deterrent for FDI. Haddad said he was confident that policymakers had found a tool to shield investors from currency risks keeping them away. Executive orders in Brazil have immediate validity but must be endorsed by lawmakers within four months or they expire. Without that measure, Haddad said it will be "very challenging" to erase the deficit in next year's budget bill.

Persons: Fernando Haddad, Haddad, Luiz Inacio Lula da, Marcela Ayres, Bernardo Caram, Brad Haynes, Christopher Cushing Organizations: Finance, Reuters, Sao Paulo, leftist Workers Party, Executive, Thomson Locations: BRASILIA, Brazil, Brasilia, Sao, United States

☆ Brazil's Lula Stable After Hip Surgery, Starts Walking in Physio Sessions
▼ + stars: | 2023-09-30 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

BRASILIA (Reuters) - Brazilian President Luiz Inacio Lula da Silva is clinically stable one day after hip surgery and has begun to walk in physiotherapy sessions, the Sirio-Libanes Hospital in Brazil's capital said on Saturday. Lula underwent surgery on Friday for arthrosis of the right hip caused by the extremely painful wear and tear of the cartilage on the head of the femur. His doctors expect him to remain in hospital until Tuesday when he will move to the presidential residence from where he will govern for three weeks as he recovers. The arthroplasty procedure, under general anesthetic, involved removing the head of the femur to implant a prosthesis. Lula will only resume presidential trips abroad at the end of November, when he plans to travel to the United Arab Emirates to attend the COP28 global climate meeting.

Persons: Luiz Inacio Lula da Silva, Lula, Giancarlo Polesello, Bernardo Caram, Nick Zieminski Organizations: Reuters, Libanes, United Locations: BRASILIA, Brazil's, United Arab Emirates

☆ Brazil to end import tax exemption for electric vehicles, says official
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, Sept 15 (Reuters) - Brazil will end a tax exemption for importing electric vehicles, gradually raising the duty to 35% over three years, Industry Ministry official Uallace Moreira told Reuters on Friday. Brazil-based carmakers lobbied for the measure, overcoming pushback from Chinese manufacturers who sell electric vehicles in the country. This week, the European Commission launched an investigation into whether to impose punitive tariffs to protect European Union producers against cheaper Chinese electric vehicle imports it says are benefiting from state subsidies. The new program will stimulate energy efficiency projects using tax credits, as well as create a mechanism that Moreira called "green taxation." The plan would stagger the collection of a tax on industrialized products, depending on the energy efficiency of the vehicle models, the recyclability of the products and local production density.

Persons: Uallace Moreira, carmakers, Geraldo Alckmin, Moreira, Bernardo Caram, Diane Craft Organizations: Industry Ministry, Reuters, Industry, European Commission, European Union, Thomson Locations: BRASILIA, Brazil

China, Brazil's largest trading partner, funneled $1.3 billion in direct investments into the country last year, the lowest level since 2009, according to a CEBC study. The performance contrasts with overall foreign direct investment (FDI) in Brazil in 2022, which skyrocketed by 95% to $90.6 billion, highest in a decade. Last year, just 28% of announced Chinese projects worth $4.7 billion went ahead, the CEBC said. That compares poorly with 2021, when pledged investments of $5.9 billion were fully realized, bolstered by two oil projects worth nearly $5 billion. Chinese mining firm Honbridge (8137.HK), for example, announced investments worth $2.1 billion that failed to proceed due to a pending environmental license.

Persons: Cariello, Hua Sheng, Getulio Vargas, Luiz Inacio Lula da Silva, Bernardo Caram, Tom Hogue Organizations: Brazil tanked, China Business Council, HK, U.S ., Sao Paulo Business Administration School, Getulio Vargas Foundation, Thomson Locations: BRASILIA, Brazil, China, Ukraine, U.S, Asia, Beijing

An aerial view shows trees as the sun rises at the Amazon rainforest in Manaus, Amazonas State, Brazil October 26, 2022. REUTERS/Bruno Kelly/File Photo Acquire Licensing RightsBRASILIA, Aug 17 (Reuters) - Brazil's government is looking to create a regulated carbon market with emissions caps for major companies and protections for indigenous communities involved in carbon-offset activities, a senior official said. After passing Congress, the regulations would require two years of emissions monitoring before the cap takes effect. For example, some developers have approached indigenous communities with unfair contracts offering meager payments, he said. The proposed legislation would establish criteria for such deals, guaranteeing broad consensus and equitable terms for indigenous communities involved.

Persons: Bruno Kelly, Rafael Dubeux, Luiz Inacio Lula da Silva's, Lula, Dubeux, Marcela Ayres, Bernardo Caram, Brad Haynes, Devika Organizations: REUTERS, Rights, Finance, Climate, Thomson Locations: Manaus, Amazonas State, Brazil, Rights BRASILIA

BRASILIA, July 18 (Reuters) - Brazil's government is considering changes to the taxation of closed-end funds and shareholder payouts in order to shore up revenue in next year's budget, said three senior economic officials with direct knowledge of the matter. The government signaled on Tuesday it would propose a comprehensive income tax reform only after the Senate has passed a consumption tax reform that cleared the lower house of Congress this month. A more complex and structural reform, involving income tax exemptions, taxation of profits and dividends and reductions to payroll taxes, would be presented after the consumption tax reform clears the Senate, the sources said. "When the budget bill is sent, revenue measures to meet the targets must also be sent, and some of these measures will already appear in the proposal," said one of the sources. Closed-end funds offer favorable investment opportunities to wealthier Brazilians by taxing earnings only when they are distributed to investors.

Persons: Marcela Ayres, Bernardo Caram, Brad Haynes, Matthew Lewis, Richard Chang Organizations: Finance Ministry, Finance, Senate, Thomson Locations: BRASILIA, Brasilia

"Everyone is expecting a rate cut," Finance Minister Fernando Haddad noted in an interview with RedeTV journalist Kennedy Alencar. Planning Minister Simone Tebet was even more emphatic, saying at an event in Rio de Janeiro that the central bank must start its easing cycle with a 50-basis-point cut. She said high interest rate levels were hurting the retail sector. However, they still diverge on the size of the cut, with 55% of those polled betting on a 25 basis point move while 32% expect a 50 basis point cut. On Thursday, Lula himself renewed calls on the central bank to cut interest rates.

Persons: Luiz Inacio Lula da Silva's, Fernando Haddad, Kennedy Alencar, Haddad, Simone Tebet, Lula, Gabriel Galipolo, Ailton Aquino, Lula's, Bernardo Caram, Rodrigo Viga Gaier, Gabriel Araujo, Steven Grattan, Josie Kao, Frances Kerry Organizations: RIO DE, Finance, Reuters Graphics Reuters, Thomson Locations: BRASILIA, RIO, RIO DE JANEIRO, Rio de Janeiro, Brazil, Brasilia

☆ Brazil lifts 2023 growth outlook thanks to booming farm sector
▼ + stars: | 2023-06-01 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

BRASILIA, June 1 (Reuters) - Brazil's economy rebounded more than expected in the first quarter, powered by a booming farm sector and paving the way for a rosier annual outlook despite a drag from high interest rates. Gross domestic product (GDP) expanded by 1.9% in the three months through March after a revised 0.1% drop in the prior quarter, data from government statistics agency IBGE showed on Thursday. The Brazilian real strengthened 0.5% against the U.S. dollar and the benchmark Bovespa stock index (.BVSP) rose 0.6%. Goldman Sachs adjusted its 2023 GDP growth forecast to 2.6% from 1.75% after the first-quarter data, citing the additional help of net exports and inventory accumulation. XP economists indicated an upward revision of their current 1.4% growth outlook, forecasting market expectations to keep rising to the range of 2.0% to 2.5%.

Persons: Simone Tebet, Goldman Sachs, Luiz Inacio Lula da Silva, Lucas Toro, Toro Investimentos, Roberto Campos Neto, Marcela Ayres, Bernardo Caram, Brad Haynes, Steven Grattan, Sriraj Organizations: Gross, IBGE, U.S ., Finance Ministry, Thomson Locations: BRASILIA, Brazilian

BRASILIA, May 16 (Reuters) - Brazil's Finance Ministry is preparing a new set of initiatives to increase tax revenue, including a review of deductions and exemptions for income tax on individuals, according to three sources familiar with the matter. Previous administrations have tried - and failed - to restrict income tax deductions, which allow taxpayers to use proof of certain expenses, such as medical and educational costs, to reduce their tax bills. The government estimates it is set to lose 51.1 billion reais ($10.2 billion) from exemptions, along with 31.3 billion reais from deductions in its 2024 budget bill. The finance ministry's revenue chief Robinson Barreirinhas said last month that the government was working on additional revenue measures to be announced in the second half of this year. He mentioned "very solid and consistent" studies regarding the potential to boost annual revenue by 155 billion reais as a result of combined efforts.

BRASILIA/BUENOS AIRES, May 4 (Reuters) - Argentina is seeking new easing of targets in its $44 billion deal with the International Monetary Fund and faster payouts, and is pushing to get key IMF members the United States and Brazil to support it, government officials said. It has ramped up pressure on Argentina and the IMF to revamp the debt program, the largest extended to any country worldwide. The ministry official said backing from the United States and Brazil was key for the IMF talks, and was "positive" about it given the countries' broader support for Argentina's economy. The U.S. Treasury and White House did not comment on record about potential support for Argentina's talks with the IMF. Argentina would need to reach a technical deal with IMF staff before any agreement went to the board for approval.

☆ Lula's government should revise Brazil's mandatory spending constraints, says Haddad
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, April 8 (Reuters) - Brazil's government should revise the rules for increasing mandatory expenses and budget constraints before the end of the year, once reform of the tax system has been decided, Finance Minister Fernando Haddad said. "What we want to discuss, after the tax reform, is a rule that ends the chopping and changing, and gives greater stability to this type of spending," Haddad said in an interview published on Saturday by newspaper Folha de S.Paulo. Brazilian governments permanently face spending difficulties because 95% of the federal budget is tied to obligatory expenditure, leaving only 5% for discretionary spending. When they presented the new fiscal framework that proposes limiting real growth in public spending, Treasury officials said it would be necessary to revise the floor for spending on health and education, which is currently linked to the level of government revenues, to avoid reduction in other areas. Reporting by Bernardo Caram; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil targets Asian e-commerce giants, local companies in tax push
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

BRASILIA, April 3 (Reuters) - Brazil will soon unveil tax measures, including a crackdown targeting Asian e-commerce giants and curbs on some company tax benefits, as it looks to raise more than 100 billion reais ($20 billion), Finance Minister Fernando Haddad said on Monday. The e-commerce measures come in response to complaints from local retailers about unfair competition from Asian giants such as AliExpress, Shein, and Shopee. He later told journalists that combating the practice, which Haddad called "smuggling", should generate 7 billion reais to 8 billion reais in new revenue for the government. The most significant impact will come from the government's move to seek approval from the Federal Supreme Court to disallow companies from receiving tax breaks from states on operating expenses, which result in them paying less federal tax. The tax reform proposal should be voted in the Lower House by July and in the Senate by October, Haddad said.

BRASILIA, March 29 (Reuters) - The goal of Brazil's new fiscal framework will be a zero primary deficit in 2024, followed by surpluses in subsequent years, as President Luiz Inacio Lula da Silva seeks a sustainable trajectory for the country's public debt, government sources told Reuters on Wednesday. According to one of the sources, the primary surplus will be equivalent to 0.5% of GDP in 2024, rising to 1% of GDP in 2025. The new framework will combine a target for primary results with a spending rule and will have adjustment mechanisms in case of noncompliance. Sources spoke anonymously, as the topic is being addressed in private conversations with congressmen. Talking to reporters, Padilha said that the leaders of Brazil's Congress have indicated that, once submitted, the fiscal rules should be quickly approved.

Speaking to reporters, Rui Costa, also a minister in Lula's cabinet, said government meetings were scheduled for Tuesday and the Finance Ministry and Management Ministry will announce measures this week. Hundreds of supporters of former President Jair Bolsonaro stormed and vandalized the Congress, the Supreme Court, and the presidential palace on Sunday. The attacks on state institutions are considered the worst since the country's return to democracy in the 1980s. The minister participated in emergency meetings with Lula and others on Monday. Reporting by Bernardo Caram; Editing by Steven Grattan, Andrea Ricci and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Key Brazil senator pushing to waive at least $19 bln from spending cap
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, Nov 23 (Reuters) - Brazilian Senator Marcelo Castro said on Wednesday that a constitutional amendment backed by President-elect Luiz Inacio Lula da Silva must exempt at least 100 billion reais ($19 billion) from a constitutional spending cap next year. In an interview with Reuters, Castro, the key lawmaker handling 2023 budget talks, said the initial idea of permanently excluding the "Bolsa Familia" welfare program from the spending ceiling had "lost a lot of strength." Lula's transition team first proposed to remove the Bolsa Familia program from the spending cap indefinitely, opening space for 175 billion reais in new spending. The initial proposal also removed some public investments from the cap, opening room for another 23 billion reais in public spending next year. ($1 = 5.3907 reais)Reporting by Ricardo Brito and Bernardo Caram; Writing by Marcela Ayres; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

That would surpass the October 2020 peak of 89% in the central bank series dating back to 2006. "It reduces the degree of freedom for the central bank to manage monetary policy," said Ramos. Brazil's central bank has held interest rates at 13.75% since August, after 12 straight hikes that lifted rates from a 2% record low in March 2021. Lula campaigned openly against the constitutional spending cap that limits spending growth to inflation. The proposal also removes some public investments from the cap, opening space for another 23 billion reais in public spending next year.

LONDON, Nov 18 (Reuters) - Inflows into global equity funds hit their highest level in 35 weeks in the week to Wednesday, according to a report from Bank of America (BofA), as investor optimism brightened. Investors poured a net $22.9 billion into equities, BofA said, citing EPFR data, and $4.2 billion into bonds. They pulled $3.7 billion from cash funds and $300 million from gold. U.S. equity funds saw inflows just shy of $24 billion in the week to Wednesday, BofA said. Money flowed into emerging market (EM) equities for the fourth week running, at $1.9 billion.

The predicted cut would bring the cumulative easing in four months to 500 basis points, which the central bank says is necessary given signs of economic slowdown. The central bank will announce its rate decision at 1100 GMT on Nov. 24. Inflation has surged since autumn 2021, stoked by an unorthodox easing cycle of 500 basis points that sparked a currency crisis late last year. The central bank expects inflation to drop to 65.2% by end-2022, thanks largely to a so-called base effect. That compares to a median estimate of 70.25% in the latest Reuters poll and 68.06% in a central bank survey published on Friday.

☆ Brazil's Lula may seek more than $39 bln in extra 2023 spending, says aide
▼ + stars: | 2022-11-01 | by ( Bernardo Caram | ) www.reuters.com time to read: +3 min

BRASILIA, Nov 1 (Reuters) - Brazilian President-elect Luiz Inacio Lula da Silva will negotiate in the coming weeks an increase in 2023 government spending that could exceed 200 billion reais ($39 billion), said his former Finance Minister and close aide Guido Mantega. Mantega said the government would have to exempt at least 120 billion reais of new spending from a constitutional spending cap to fulfill campaign promises such as more generous welfare programs. For the government to also expand "emergency" public investments in infrastructure and housing, it may have to wave more than 200 billion reais, he added. Also, inflation will be lower, and we know that inflation helps tax revenues," he said. Lula has pledged to exempt workers who earn up to 5,000 reais from paying income tax, which Mantega estimated would cost around 120 billion reais.

The new measures will cost some 273 billion reais ($52 billion) this year and next, according to an analysis of government figures by Reuters, adding to fiscal challenges for whoever wins the election. Congressional approval is pending for 146 billion reais worth of that spending. Federal prosecutors responsible for enforcing electoral law have not taken up calls to investigate the allegations of the president's abuse of his budgetary authority. Lula led Bolsonaro in the first-round vote by 5 percentage points overall, an advantage that opinion polls showed was bolstered by lower-income Brazilians. Auxilio Brasil is not the only program that government critics and legal experts have flagged on suspicion of skirting electoral law.

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