Brazil Politics: Income Tax Bill Would Cost $5 Billion in 2028

Brazil’s Finance Ministry estimates the bill that would extend income tax exemptions to workers earning up to 5,000 reais ($847) per month would cost 27.7 billion reais in 2027 and 29.7 billion reais in 2028, newspaper Estado de S. Paulo says citing a technical report prepared by the country’s tax office.

The forecasts take into account full income tax exemptions for those who earn up to 5,000 reais, in addition to partial discounts for those who earn up to 7,000 reais, the newspaper says. Until now, only the fiscal impact for of 25.9 billion reais for 2026 was known.

The ...