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RIO DE JANEIRO, BRAZIL - Despite a fiscal imbalance scenario, revenue foregone by states because of tax incentives to business increased 12.2 percent in 2019 over 2018. Governors ceased to collect R$91.7 billion (US$18.3 billion) as a result.

According to a National Treasury survey, 65.1 percent of the ICMS (tax on goods and services) waivers granted by states in 2019 were established for an indefinite period . . .

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