Brazil’s Bolsonaro walkings financing tax to spend for pandemic well-being program


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Economy Sep 16, 2021 08: 27 PM ET

Brazil's Bolsonaro hikes finance tax to pay for pandemic welfare program
© Reuters. Brazil’s President Jair Bolsonaro searches throughout an event at the Planalto Palace, in Brasilia, Brazil September 15,2021 REUTERS/Adriano Machado

RIO DE JANEIRO (Reuters) – Brazil President Jair Bolsonaro on Thursday signed a decree to raise taxes on monetary deals for 3 months to spend for the so-called Auxílio Brasil pandemic well-being program.

His workplace stated it anticipates the greater IOF tax, which is charged on credit, forex, insurance coverage deals, or bonds or securities, to create 2.14 billion reais ($40713 million). It did not state by just how much it would raise the IOF.

The Auxílio Brasil program is created to safeguard a few of Brazil’s poorest households from the financial damage brought on by the coronavirus pandemic.

($ 1 = 5.2563 reais)

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