Banks to Pay More Taxes as Brazil Tries to Increase Revenues

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The Brazilian government announced this past week it would be increasing financial institutions’ taxes over net profits from fifteen percent to twenty percent, hoping to raise an additional R$3-4 billion per year to compensate the drop in revenues due to an ailing economy. The government’s latest forecast is that the GDP will register a retraction of 1.2 percent this year.

The increase in taxes is part of the government’s strategy to try to balance public accounts and try to meet the primary surplus target, which . . .

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