Bolsonaro suspends tax on diesel to appease truckers, but raises tax on banks

The president acknowledged the government would need to compensate for the lost revenue in another way, without specifying how. “We’ll have to take it out of somewhere.”

RIO DE JANEIRO, BRAZIL - Brazilian President Jair Bolsonaro said on Tuesday, March 2nd, he would suspend a tax on diesel fuel, to try and placate truckers, but the government would instead hike taxes on banks to offset lost revenue.

In a video posted to social media on Monday, Bolsonaro said the decree would suspend both the so-called PIS/Cofins tax on diesel and taxes on cooking gas for two months. “The decrees should be published early tomorrow to zero cooking gas federal taxes and PIS/COFINS for diesel for 2 months,” he said.

Bolsonaro had promised a reduction in . . .

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