MercoPress. South Atlantic News Agency
Brazil: Selic cut for fourth time in a row
A similar reduction is foreseen for late January Brazil's Central Bank (BCB) cut the Selic benchmark rate for the fourth consecutive time, from 12.25% to 11.75% per annum, in line with market expectations, it was reported in Brasilia. The Selic is now at its lowest level since reaching 10.75% in March 2022.
A slower-than-expected process of inflation reduction and a challenging global scenario call for serenity and moderation, the South American country's Monetary Policy Committee (Copom) said in a statement released after this week's meeting.
“The Committee reaffirms the need to maintain a contractionary monetary policy until not only the disinflation process is consolidated, but also the anchoring of expectations around its objectives,” it said.
The members of the Committee were unanimous in foreseeing a similar reduction for the Jan. 30-31 next Copom meeting considering that “this is the appropriate pace to maintain the contractionary monetary policy necessary for the disinflationary process.”
In this scenario, Brazilian President Luiz Inácio Lula da Silva on Wednesday enacted a bill to tax investments by the so-called super-rich in personalized funds and offshore companies. The government expects to raise about US$ 6 billion by 2025.
The new legislation was passed after tough negotiations with the center-right coalition, known as “Centrao”.
According to Economy Minister Fernando Haddad, the tax on the super-rich will offset the increase in the non-taxable minimum income tax promised by Lula.
Top Comments
Disclaimer & comment rules-
-
-
Read all commentsYeah, but the dollar still exchanges at slightly under 1 : 5 A projected windfall tax income from charging the 'super rich' is likely to be a virtue posturing pipe dream. The so called 'super rich', did not become so wealthy by being entirely gullible or stupid. In every instance that I am aware of, such schemes in other jurisdictions have failed to provide any meaningful revenues and the 'super rich' merely evaded to tax havens more amenable to their portfolios.
Dec 15th, 2023 - 05:47 pm 0FortHay
Dec 18th, 2023 - 02:17 pm 0Yep, they just move their money somewhere else.
Until they come up with some international agreement on taxation for the super-rich it will continue to happen.
And I see the chances of that as Zero.
Bras
Your back!!!
We have had some Muppet posting on other threads as you.
But his English was far too good and he was completely bitter and twisted, dead giveaways.
Just say something stupid in bad English and we will know it’s really you.
https://www.youtube.com/watch?v=ylwZxe38P7o&list=RDEMwxKA-ZpuXm8jzZN_YyG95Q&index=27
Dec 15th, 2023 - 03:39 pm -1Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!