BRAZIL: Government Losses With New Tax Program May Hit R$3 Billion – Meirelles

brazil: government losses with new tax program may hit r$3 billion - meirelles

The Special Tax Regularization Program (Pert, also known as new Refis) passed this week by the Brazilian Senate should frustrate the government's originally expected revenue with the measure at around R$ 3 billion (US$ 960 million) this year and R$ 900 million in 2018, said Finance Minister Henrique Meirelles.

According to him, the measure approved by the Senate is "a little better" than the version that passed in the House of Representatives. However, it is still "too early" to talk about a possible recommendation of veto to the President Michel Temer, Meirelles said.

"It's something we have to look at carefully. There are some aspects of the measure that have some important questions to be taken into account," he noted.

Regarding pension reform, Meirelles said he does not believe that the vote on the tax regularization program could affect the government plans for pension reform. He expected that the measure should be voted in November, after the congressional review of the new criminal complaint against Temer.

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