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SAO PAULO/BRASILIA, July 14 (Reuters) - Brazil is hoping to raise 100 billion reais ($19.64 billion) with a much-awaited income tax reform proposal, Economy Minister Paulo Guedes said on Wednesday, as the government sharply raised its economic growth forecast for 2021.
Brazil’s economy ministry on Wednesday said gross domestic product in Latin America’s largest economy should grow 5.3% this year, up from its previous forecast of 3.5%. It also raised its 2021 inflation expectations to 5.90% from a previous forecast of 5.05%.
Still, the central bank, which operates independently of the ministry, said earlier on Wednesday that Brazil’s economy had shrunk in May, surprising economists who had expected it to grow.
Brazil lifts growth forecast, hopes to raise $20 billion with tax reforms
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Nine parties oppose Brazil s tax reform: Government wants to fatten public coffers
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Brazilian Congress is only interested in 25% of the income tax reform this year
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Brazil Tax Reform Talks May See Lower Proposed Rate on Dividends
Martha Beck, Bloomberg News Paulo Guedes, Brazil s economy minister, speaks during an interview at the ministry headquarters in Brasilia, Brazil, on Thursday, May 13, 2021. According to Guedes, Brazilâs real will strengthen and the economy will beat expectations this year as privatizations, investment and structural reforms turn a cyclical rebound into a sustained recovery. , Bloomberg
(Bloomberg) Brazilian Economy Minister Paulo Guedes plans to insist that the tax rate on dividends in a government reform proposal sent to Congress be set at 20%, but people close to him concede that negotiations with congress could see that come down to 15%.