Tax exemption bill faces opposition regarding compensatory measures, and congressional deadlines, interest rate hike, and committee elections mark the legislative agenda

BRAZIL POLITICS - Report 20 Mar 2025 by Murillo de Aragão and Cristiano Noronha

While it would likely be difficult to vote against the bill that grants an income tax exemption for those earning up to R$ 5,000 per month, in the opposition the main criticism concerns the compensatory measures, which include a tax increase for those earning over R$ 50,000 per month. As expected, the Central Bank decided to raise the benchmark interest rate (Selic) to 14.25% per year. The National Congress is holding a session today starting this afternoon to vote on the budget proposal for 2025 (PLN 26/24). Twenty-eight permanent committees of the Lower House have already elected their new presidents for a one-year term.

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