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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

☆ Sergio Massa: can Argentine political wheeler-dealer save Peronism?
▼ + stars: | 2023-10-18 | by ( Nicolás Misculin | ) www.reuters.com time to read: +5 min

Argentina's Economic Minister Sergio Massa and Brazil's Finance Minister Fernando Haddad (not pictured) hold a news conference, at the Casa Rosada presidential palace in Buenos Aires, Argentina, January 23, 2023. Massa has his own political structures," a spokesman for the ruling party told Reuters. He studied at a Catholic school in the suburbs of Buenos Aires, joined a conservative political party and then shifted to Peronism. He rose to chief of staff under Fernandez de Kirchner(2007-15), though later left her government under a cloud and set up his own political party. He finished third in the first round of voting when he ran for president in 2015, before he returned to the Peronist coalition as a congressman in 2019.

Persons: Sergio Massa, Fernando Haddad, Agustin Marcarian, Javier Milei, Massa, Julio Burdman, Agustin Rossi, Patricia Bullrich, Alberto Fernandez, grandee Cristina Fernandez de Kirchner, Kirchner, Fernandez de Kirchner, Nicolás Misculin, Adam Jourdan, Marguerita Choy Organizations: Argentina's Economic, Brazil's Finance, Casa, REUTERS, Peronist, Observatory, Reuters, International Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, U.S, Peronism, Tigre

☆ Money now, shares later: more IMF countries voice support for pragmatic IMF funding boost
▼ + stars: | 2023-10-11 | by ( David Lawder | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. IMF Managing Director Kristalina Georgieva said the extra resources were needed to ensure the IMF can respond to another large-scale crisis. But with anti-China sentiment running high in the U.S. Congress, any IMF funding increase that increases Beijing's influence would face stiff opposition. U.S. Treasury Secretary Janet Yellen proposed the money now, shares later plan as a way to sidestep the China issue and speed resources to the IMF. A 50% quota increase would be equivalent to about $312 billion at current exchange rates.

Persons: Yuri Gripas, Fernando Haddad, Kristalina Georgieva, Janet Yellen, Ernest Addison, David Lawder, Alex Richardson, Andrea Ricci Organizations: Monetary Fund, REUTERS, Rights, U.S, Monetary, IMF, U.S . Congress, Treasury, International Monetary, Financial Committee, Thomson Locations: Washington , U.S, Rights MARRAKECH, Morocco, France, Britain, Ghana, Switzerland, Finland, Belgium, China, Brazil, U.S, Algeria, Iran, Libya, Pakistan, Tunisia

☆ Brazil proposes yuan guarantees in trade with Argentina amid dollar shortage
▼ + stars: | 2023-08-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Brazil's finance minister proposed the use of yuan guarantees for its trade with Argentina. This would help bring security to Brazilian companies as Argentina faces a dollar shortage. This comes as Argentina faces a shortage of dollars, which is the dominant currency in global trade. Using yuan guarantees would take away default risk, and the idea has been green lit by the Brazilian Treasury. AdvertisementAdvertisementAnd Argentina said in April it will pay for imports from China in the yuan instead of US dollars.

Persons: Fernando Haddad, Haddad Organizations: Service, Finance, Banco, Brazilian Treasury Locations: Argentina, Wall, Silicon, Brazil, Brazilian, Beijing, China

☆ Brazil offers tax advantages via e-commerce compliance program
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/IllustrationBRASILIA, June 30 (Reuters) - Brazil's Finance Ministry announced on Friday an exemption from federal taxes on e-commerce purchases up to $50 for companies participating in a new compliance program by the tax revenue service. The program, starting Aug. 1, offers faster and cheaper customs treatment for e-commerce companies that voluntarily meet criteria set by the government, the ministry's statement said. Under the program, e-commerce companies must also inform consumers about the product's origin and the merchandise's total value, including federal and state taxes - procedures that are currently optional. The program will essentially relieve the revenue service of such tasks when e-commerce firms participate. The government had previously attempted to end exemptions on all shipments as some companies imported products as individuals to avoid higher rates.

Persons: Dado Ruvic, Alibaba Group's, Marcela Ayres, Emma Rumney Organizations: REUTERS, Brazil's Finance, HK, Thomson Locations: BRASILIA, AliExpress

☆ Brazil finance minister confirms 3% inflation target in 2024, backs tweaking time frame
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, June 29 (Reuters) - Brazil's finance minister has confirmed the country's monetary council will keep next year's inflation target at 3%, but reiterated he expects the body to tweak the time frame used to assess the goal's fulfillment. Fernando Haddad's remarks in an interview with GloboNews aired late on Wednesday came as markets on Thursday closely watch the National Monetary Council's (CMN) meeting for potential changes on inflation targets. Inflation targets that have the calendar year as a time frame cause "unnecessary pressure," he said. The central bank currently targets inflation of 3.25% in 2023 and 3% in 2024 and 2025, with a tolerance margin of 1.5 percentage points up or down. Lula previously hinted at potentially changing inflation targets to increase them and enable monetary policy easing, a move that helped worsen expectations for consumer price changes.

Persons: Fernando Haddad's, GloboNews, Haddad, Luiz Inacio Lula da, Lula, Fabricio de Castro, Gabriel Araujo, Emelia Sithole Organizations: SAO PAULO, Monetary, Thomson

☆ Brazil's finance minister signals potential change to inflation target timeline
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, May 18 (Reuters) - Brazil's Finance Minister Fernando Haddad on Thursday suggested that the country's new government is looking at adjusting the timeline for achieving its inflation target. Haddad reiterated he favors "a continuous inflation target" rather than a calendar year-based target, saying Brazil and Turkey were the only two countries to use the latter. President Luiz Inacio Lula da Silva has advocated for higher inflation targets and a less stringent monetary policy. The central bank has cautioned that discussions about higher targets might have contributed to an increase in inflation expectations, helping keep interest rates high. The National Monetary Council, which comprises the finance minister, the planning minister and the central bank governor, is scheduled to convene in June to discuss inflation targets.

May 16 (Reuters) - The International Monetary Fund on Tuesday said it "strongly supports" Brazil's efforts to improve the country's fiscal position, while also commending the country's "ambitious agenda" to have a sustainable, inclusive, and green economy. "Enhancing Brazil's fiscal framework, broadening the tax base, and tackling spending rigidities would support sustainability and credibility," the leader of an annual mission to the country, Ana Corbacho, said in a statement after the Fund's visit. Brazil's finance ministry in late March unveiled new fiscal rules to balance limits on spending growth under the administration of President Luiz Inacio Lula da Silva, who has vowed to boost social programs and public investment. The new rules limit spending growth to 70% of Brazil's revenue growth in the prior 12 months. Corbacho also noted Brazil's efforts to "steer a sustainable, inclusive, and green economy" by cracking down on illegal deforestation, for example, and "leveraging competitive advantage in renewable energies."

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.

☆ Brazil plans 'digital tax' on shipments from e-commerce giants
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, April 20 (Reuters) - Brazil's finance minister said on Thursday the country would implement a "digital tax" on shipments from e-commerce giants, after backtracking earlier this week from a decision to tax individual-to-individual shipments of up to $50. "We will follow the example of developed nations, a digital tax," Finance Minister Fernando Haddad told reporters. "Consumers will be exempt from any tax collection when they make the purchase, companies will collect it without passing on any additional cost." The source emphasized that the tax in question already exists and will be collected electronically prior to the shipment of goods. Alibaba Group's (9988.HK) AliExpress, Sea Ltd-owned (SE.N) Shopee and Shein were seen as the main targets of the measure.

☆ Brazil mulls 'digital tax' on shipments from e-commerce giants -minister
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

SAO PAULO, April 20 (Reuters) - Brazil's finance minister said on Thursday the country would implement a new "digital tax" on shipments from e-commerce giants, after backtracking earlier this week from a decision to tax individual-to-individual shipments of up to $50. "We will follow the example of developed nations, a digital tax," Fernando Haddad told reporters. He had already announced the government would look for administrative means and implement heightened oversight to close a tax loophole that Asian e-commerce giants were seen taking advantage of. Alibaba Group's (9988.HK) AliExpress, Sea Ltd-owned (SE.N) Shopee and Shein were seen as the main targets of the measure. Haddad previously said AliExpress and Shopee had agreed with the tax proposal before the government reversed it.

☆ Brazil unveils new budget rules to ease market jitters on fiscal discipline
▼ + stars: | 2023-03-30 | by ( Marcela Ayres | ) www.reuters.com time to read: +2 min

BRASILIA, March 30 (Reuters) - Brazil's Finance Ministry unveiled on Thursday a proposal for new fiscal rules to balance limits on spending growth with the government's vow to boost social programs and public investment. The new fiscal framework proposed in a Finance Ministry presentation on Thursday combines a looser spending cap with primary budget targets, as reported by Reuters on Wednesday. Spending growth would also be limited to 70% of revenue growth in the prior 12 months. The primary budget target would have a margin of plus or minus 0.25 percentage points. However, the Finance Ministry recently estimated that the shortfall will be 107.6 billion reais, equal to 1.0% of GDP, helped by a jump in expected tax revenue.

☆ Brazil's Finance Ministry has finalized proposal for new fiscal framework, says Haddad
▼ + stars: | 2023-03-06 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

FILE PHOTO: Brazil's Finance Minister Fernando Haddad speaks during a news conference in Brasilia, Brazil February 28, 2023. REUTERS/Adriano MachadoBRASILIA (Reuters) - Brazilian Finance Minister Fernando Haddad said on Monday that his ministry has finalized its contribution to the design of the country’s new fiscal framework, but highlighted that other ministries will still evaluate it before the president. “We have finalized the design of the fiscal framework internally and now I will discuss it with the economic team before presenting it to President Luiz Inacio Lula da Silva, because it cannot be a Finance Ministry proposal,” Haddad told journalists at the ministry. Haddad also stated that Lula has commissioned the development of a system behind the so-called Desenrola program, aimed at refinancing consumer debt with government guarantees. According to Haddad, the program’s guarantee fund will have about 10 billion reais ($1.9 billion), an amount that will be sufficient to renegotiate 50 billion reais in debt from 37 million individuals.

☆ Brazil's Haddad says high interest rate is country's main issue
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, March 1 (Reuters) - Brazil's Finance Minister Fernando Haddad said on Wednesday that the country's high interest rate is the primary obstacle to economic growth, adding that recent government measures such as reinstating fuel taxes would pave the way to monetary easing. In an interview with news portal UOL, he said he believed this was the correct path to follow, rather than changing the central bank's inflation targets. Brazil's benchmark interest rate is currently at a six-year high of 13.75%, which Haddad said was causing a "credit problem" although he did not give further details. "We will recover the public budget from the perspective of revenue and expenditure to quickly create space for reducing interest rates," he said. "The inflation target will not be what causes the interest rate to fall."

☆ Argentina and Brazil are discussing plans for a common currency — analysts can scarcely believe it
▼ + stars: | 2023-01-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Argentina President Alberto Fernandez (R) and Brazil President Luiz Inacio Lula da Silva (L) greet each other after signing a series of agreements during a news conference in Buenos Aires. Argentina and Brazil, the two largest economies in South America, are in early talks to create a common currency, as part of a coordinated bid to reduce reliance on the U.S. dollar. Speaking on his first international visit since taking office, Lula said that the currency would initially be designed for trade and transactions between Brazil and Argentina. Brazil's Finance Minister Fernando Haddad said that the adoption of a common currency was not designed to replace the Brazilian real and the Argentine peso. "Developing and implementing a common South American currency is, therefore, pie in the sky."

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