Brazil's Lula to Push Fiscal Plan Forward Despite Setbacks in Congress
Brazil's government has no immediate plans to develop new fiscal measures amid setbacks in Congress, and will instead seek to persuade lawmakers against blocking proposed tax increases, according to two officials with knowledge of the situation.
The lower house of Congress on Monday moved forward with an initiative to overturn a governmental decree that increases so-called IOF taxes on some financial transactions, threatening to deliver a blow to President Luiz Inacio Lula da Silva's efforts to meet fiscal targets and shore up Brazil's budget.
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