The House approved the payroll tax relief bill yesterday, the Senate continues to discuss Tax Reform, and the Copom is expected to decide on the basic interest rate next week

BRAZIL POLITICS - Report 13 Sep 2024 by Murillo de Aragão and Cristiano Noronha

Yesterday, the House concluded the approval of the bill proposing a three-year transition for the end of payroll tax exemptions for 17 economic sectors and for the full INSS (Brazilian Social Security) rate to be charged in municipalities with up to 156,000 inhabitants. In the Senate, the Economic Affairs Committee continues discussions on Tax Reform. On Tuesday, September 17, there will be a public hearing to debate the impact of tax reform on Special Customs Regimes, Export Processing Zones (ZPEs), and the Capital Goods Regime. Next week, the Central Bank's Monetary Policy Committee (Copom) will meet to decide on the base interest rate, which is currently at 10.50%. The market largely expects an increase to 10.75%.

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