Latest news with #AdrianoMachado
The Standard
2 days ago
- Politics
- The Standard
'I won't humiliate myself': Brazil's president sees no point in tariff talks with Trump
Brazil's President Luiz Inacio Lula da Silva looks on after an interview with Reuters at the Alvorada Palace, in Brasilia, Brazil, August 6, 2025. REUTERS/Adriano Machado
Straits Times
17-07-2025
- Business
- Straits Times
Brazil's top court backs most of Lula's tax hike decree after stalemate with Congress
Find out what's new on ST website and app. FILE PHOTO: A general view of the plenary chamber of deputies during a session at the National Congress in Brasilia, Brazil December 18, 2024. REUTERS/Adriano Machado/File Photo BRASILIA - Brazil's highest court on Wednesday upheld most of a controversial presidential decree raising the country's financial operations tax (IOF), handing a revenue-boosting win to President Luiz Inacio Lula da Silva's government. Judge Alexandre de Moraes ruled that only the proposed tax hike on forfait, advance payments made to suppliers that were previously treated by the government as credit operations, would be cut back. The decree, first issued in late May, increased IOF rates on certain corporate credit, foreign exchange and private pension transactions in an effort to generate additional revenue and reduce the size of a budget freeze required to meet this year's fiscal rules. The measure, however, sparked immediate backlash from lawmakers and the financial sector. Just hours after the decree was published, the government partially rolled back some of the changes, and amid continued pressure, it further scaled back the IOF hikes. Even so, Congress passed last month a legislative decree to overturn the presidential measure. In response, the government took the case to the Supreme Court, arguing the decree was legal and warning of a potential revenue shortfall of around 12 billion reais ($2.16 billion) this year, with more than double that impact expected in 2026. Top stories Swipe. Select. Stay informed. Singapore Over 600 Telegram groups in Singapore selling, advertising vapes removed by HSA Singapore 2 weeks' jail for man caught smuggling over 1,800 vapes and pods into Singapore Business Market versus mission: What will Income Insurance choose? Opinion AI and education: We need to know where this sudden marriage is heading Singapore Coffee Meets Bagel's Singpass check: Why I'll swipe right on that Singapore Jail for man who fatally hit his daughter, 2, while driving van without licence Sport 'Like being in a washing machine with 40 deg C water': Open water swimmers brave challenging conditions Singapore Primary 1 registration: 38 primary schools to conduct ballot in Phase 2A Brazil's finance ministry issued a statement on Wednesday evening that welcomed the court's decision, saying it would help restore harmony between branches of government. It also said blocking the proposed IOF tax hike on forfait payments represents lost revenue of 450 million reais, or $80.9 million, this year and a further 3.5 billion reais in 2026. Finance Minister Fernando Haddad told journalists in Brasilia that the government will start working next week on ways to offset the revenue loss, but noted Brazil is heading to a "good primary result" this year, without giving further details. He added that there is still room in the 2026 budget plan, which is in the works. REUTERS
The Star
16-07-2025
- Business
- The Star
Brazil's top court backs Lula's tax hike, exempts forfait
FILE PHOTO: A general view of the plenary chamber of deputies during a session at the National Congress in Brasilia, Brazil December 18, 2024. REUTERS/Adriano Machado/File Photo BRASILIA (Reuters) -Brazil's highest court on Wednesday upheld most of a controversial presidential decree raising the country's Financial Operations Tax (IOF), handing a revenue-boosting win to President Luiz Inacio Lula da Silva's government. Judge Alexandre de Moraes ruled that only the proposed tax hike on forfait - advance payments made to suppliers that were previously treated by the government as credit operations - would be cut back. The decree, which includes tax hikes on other financial transactions such as credit, foreign exchange, and private pension transactions, had been suspended by Congress, causing the dispute to go up to the Supreme Court. Brazil's finance ministry issued a statement that welcomed the court's decision, saying it would help restore harmony between branches of government. Blocking the proposed IOF tax hike on forfait payments represents a lost revenue of 450 million reais ($80.9 million) this year and a further 3.5 billion reais in 2026, it added. The ministry had previously estimated that the entire decree would boost state coffers by 12 billion reais this year and 31 billion reais in 2026. ($1 = 5.5678 reais) (Reporting by Ricardo Brito and Marcela Ayres in Brasilia; Writing by Andre Romani; Editing by Chris Reese and Sarah Morland)
Straits Times
16-07-2025
- Business
- Straits Times
Brazil's top court backs Lula's tax hike, exempts forfait
Find out what's new on ST website and app. FILE PHOTO: A general view of the plenary chamber of deputies during a session at the National Congress in Brasilia, Brazil December 18, 2024. REUTERS/Adriano Machado/File Photo BRASILIA - Brazil's highest court on Wednesday upheld most of a controversial presidential decree raising the country's Financial Operations Tax (IOF), handing a revenue-boosting win to President Luiz Inacio Lula da Silva's government. Judge Alexandre de Moraes ruled that only the proposed tax hike on forfait - advance payments made to suppliers that were previously treated by the government as credit operations - would be cut back. The decree, which includes tax hikes on other financial transactions such as credit, foreign exchange, and private pension transactions, had been suspended by Congress, causing the dispute to go up to the Supreme Court. Brazil's finance ministry issued a statement that welcomed the court's decision, saying it would help restore harmony between branches of government. Blocking the proposed IOF tax hike on forfait payments represents a lost revenue of 450 million reais ($80.9 million) this year and a further 3.5 billion reais in 2026, it added. The ministry had previously estimated that the entire decree would boost state coffers by 12 billion reais this year and 31 billion reais in 2026. REUTERS
The Standard
16-07-2025
- Politics
- The Standard
Brazil says US opened trade probe because of 'weak' case for tariffs
Brazil's Attorney-General of the Union, Jorge Messias, attends a press conference in Brasilia, Brazil July 1, 2025. REUTERS/Adriano Machado
