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Brazil tax reform hits another obstacle as joint-chamber commission scrapped By Reuters

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Brazil tax reform hits another obstacle as joint-chamber commission scrapped By Reuters



© Reuters. FILE PHOTO: President of Brazil’s Lower House Arthur Lira is seen after a meeting in Brasilia, Brazil, February 12, 2021. REUTERS/Ueslei Marcelino

RIO DE JANEIRO/BRASILIA (Reuters) – Brazil’s cross-chamber congressional commission on tax reform has been disbanded and another path for restructuring and simplifying Brazil’s complex tax system must be found, lower house speaker Arthur Lira said on Tuesday.

Blaming “technical” issues, Lira’s announcement on TV Camara came only hours after the tax reform bill’s coordinator, Congressman Aguinaldo Ribeiro, had said lawmakers would be able to suggest amendments to the bill this week before its delivery to Congress next Tuesday.

Economy Minister Paulo Guedes said on Tuesday that tax reform was one of the government’s legislative priorities, but this would appear to be the latest setback that has stalled meaningful reform of Brazil’s complex tax system for years.

“The final text of the reform will undoubtedly incorporate some points from Aguinaldo’s report, I have no doubt about it. If not a large part,” Lira said.

“We are now going to work out the best way, in the shortest time possible, to draw up a report and an efficient way of steering it through Congress so that we can approve tax reform as quickly as we can,” he said.

One of the main benefits of having a joint lower house and senate commission draw up the legislation is that it generally satisfies both chambers and is broadly built on consensus.

But Lira said the joint commission had exceeded the maximum number of sessions it could have, and therefore could no longer technically exist. It had to be formally scrapped in order to avoid any legal challenge in the future, he said.

The government hopes a major overhaul of the tax system will lighten the financial and regulatory burden on business, spur investment and boost economic growth.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Asian Stocks Mixed as Chinese Data Disappoints, COVID-19 Cases Spike By Investing.com

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Asian Stocks Mixed as Chinese Data Disappoints, COVID-19 Cases Spike By Investing.com



© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mixed Monday morning as some countries in the region deal with spikes in the number of COVID-19 cases and inflation worries continued to weigh on investor sentiment.

China’s inched down 0.01% by 10:38 PM ET (2:38 AM GMT) while the jumped 2.09%. released earlier in the day said that slowed down to 9.8% year-on-year in April.

Hong Kong’s rose 1.06%.

Japan’s was down 0.24% and South Korea’s edged down 0.15%.

In Australia, the gained 0.69%. The Reserve Bank of Australia will publish the minutes of its latest meeting on Tuesday, and employment data for April, including employment change and unemployment rate figures, are due two days later.

Treasury yields steadied after their tumble on Friday. U.S. data released that day said that grew 0% month-on-month in April.

COVID-19 was front and center in the region as Singapore and Taiwan deal with their latest outbreaks. A record 206 new cases were recorded in Taiwan on Sunday, while Singapore shifted primary, secondary, junior college and Millennia Institute students to full home-based learning from May 19 till the end of the school term on May 28.

Commodities seem to have hit pause on their recent rally, with and iron ore prices climbing down from record highs amid Chinese efforts to cool red-hot prices.

Investors also remain concerned that central banks will start pulling back support earlier than expected as concerns about runaway inflation linger and continue to weigh on global stocks.

Investors also look to the minutes from the U.S. Federal Reserve’s latest meeting, due to be released on Wednesday, for clues as to when the current dovish policy will be shifted.

“Record highs in copper prices and fears over extended oil price gains will be hard to ignore” heading into the second half of 2021, Standard Chartered (OTC:) global head of research Eric Robertsen said in a note.

“The Fed believes this is part of the economic reopening narrative, and for now, it is likely to let the dust settle. But it might start looking over its shoulder if prices stay high,” the note added.

Cleveland Fed President Loretta Mester insisted that the Fed’s policy is currently in a good place while glossing over economic data that will be volatile as the economy reopens.

Mester’s colleagues, Fed Vice Chair Richard Clarida and Atlanta Fed President Raphael Bostic, will also speak later in the week.

On the cryptocurrency front, bitcoin tumbled below $45,000, its lowest level since February 2021, after Tesla Inc. (NASDAQ:) CEO followed up his tweet from the previous week stating that Tesla has suspended the digital currency as a payment method due to environmental concerns.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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