Brazil’s Congress Approves CPMF Tax with 2016 Budget

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – With only days to go before the start of a new year, Brazil’s Congress approved on Thursday the 2016 Budget which calls for the creation of a tax over financial transactions (CPMF tax) and establishes a lower primary surplus target, of 0.5 percent of the GDP.

Although the government’s budget proposal sent to Congress in August was revised to include a lower primary surplus target, Planning Minister, Nelson Barbosa . . .

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