Fiscal Adjustment

BRAZIL POLITICS - Report 04 Mar 2015 by Murillo de Aragão and Cristiano Noronha
Returned Provisional Measure a sign of congressional opposition to fiscal adjustment On Tuesday night, March 3, Senate President Renan Calheiros (PMDB-AL) decided to return Provisional Measure 669, which deals with payroll tax exemptions and other tax issues, to the Executive. In practice, this means that the Provisional Measure (MP) is revoked.The fiscal impact totals R$ 5.3 billion. The government reacted quickly. President Dilma Rousseff signed a Draft Bill (PL) with constitutional urgency, which re-instates the terms of MP 669/15. Constitutional urgency means that the House and Senate e...

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