No agreement was reached on payroll tax relief in the Senate, Lula’s statement yesterday worried the market regarding commitment to the fiscal framework, and the CCJ may vote on the Central Bank PEC

BRAZIL POLITICS - Report 17 Jul 2024 by Murillo de Aragão and Cristiano Noronha

As expected, no agreement was reached on the compensatory measures for payroll tax relief. Consequently, the vote on the bill was postponed until August 30. According to Senate President Rodrigo Pacheco (PSD-MG), the idea is to refine the details of this issue by then. Yesterday, Lula said, “You are not obliged to set a goal and fulfill it if you have more important things to do.” Finance Minister Fernando Haddad subsequently reiterated the President's commitment to fulfilling the fiscal framework. The Senate Constitution and Justice Committee (CCJ) has scheduled for today the analysis of the Constitutional Amendment Proposal (PEC) that grants financial autonomy to the Central Bank. However, the vote in the CCJ could be postponed once again.

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