Economic

Brazil announces $17bn in taxes and spending cuts to combat recession

“Brazil’s government has announced spending cuts and tax increases totaling 65bn reais ($16.9bn) as it races to close a budget deficit that led to a downgrade of the country’s credit rating last week. The biggest item was the revival of the unpopular CPMF tax on financial transactions that will raise 32bn reais next year if it passes a congress opposed to new taxation.”

Source: Brazil announces $17bn in taxes and spending cuts to combat recession | World news | The Guardian

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