Brazil government will not insist on tighter tax credit rules, sources say
BRASILIA - The Brazilian government will not insist on a highly contested measure tightening rules for tax credits after the Senate sent it back, but there is still no decision on a replacement measure, two sources close to the presidential palace told Reuters on Tuesday.
The measure had aimed to raise as much as 29.2 billion reais to offset a revenue loss of 26.3 billion reais from tax benefits passed by Congress for the payrolls of some economic sectors and small cities. As of Monday, Finance Minister Fernando Haddad was still betting that he would be able to negotiate the tighter tax credit rules with Congress, one of the sources said.
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