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Brazil Govt Agrees to Tax Changes to Unlock Voting on Fuel Bill

March 10, 2022, 12:28 AM

The Brazilian government agreed to reduce so-called PIS/Cofins taxes on diesel and cooking gas to help curb the impact of surging crude in local fuel prices, two people with direct knowledge of the matter said.

  • Cost estimated at 20 billion reais ($4 billion) a year, the people said, asking not to be named because discussions are private
    • Demand was initially made by a government ally
  • Govt will also reinstate IPI taxes on products manufactured in other states that compete with those made in the Manaus free trade zone, two people said
    • NOTE: From Feb., Brazil Cuts IPI Tax by 25%; ...