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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

☆ 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

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 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.

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