Brazil's Haddad seeks quick Senate consensus for compensation of tax benefits
BRASILIA - Brazil's Finance Minister Fernando Haddad said on Thursday the government aims to quickly reach a consensus with the Senate to find a fiscal solution to offset payroll tax benefits.
The move by the Senate was interpreted by market agents as a weakening of Haddad, contributing to a sharp decline in the Brazilian real and an increase in interest rate futures on Wednesday due to concerns about a lack of support for the minister's plan to balance public accounts. "Now the ball is no longer in Haddad's court, the ball is in the Senate's court and in the hands of the businessmen. Find a solution. Haddad tried. They didn't accept it. Now find a solution," Lula said.
Legislators have also mentioned the use of forgotten and unclaimed funds by individuals who have won legal actions and a recently approved tax levy on online orders below $50 as alternatives.
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