Brazil's government is considering changes to the taxation of closed-end funds and shareholder payouts in order to shore up revenue in next year's budget, said three senior economic officials with direct knowledge of the matter.
The government signaled on Tuesday it would propose a comprehensive income tax reform only after the Senate has passed aHowever, the sources, who requested anonymity to discuss internal deliberations, said the Finance Ministry now aims to break off key revenue-raising measures for early passage to bring Brazil's primary budget deficit in 2024 to zero.
The government sees those measures as crucial to raising revenue and complying with new fiscal rules in next year's budget, which must be sent to lawmakers by the end of August.A more complex and structural reform, involving income tax exemptions, taxation of profits and dividends and reductions to payroll taxes, would be presented after the consumption tax reform clears the Senate, the sources said.
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