Off the wire
• Musical Cats has not dated, still relevant, says director  • Substantive power to decide on constitutional development rests with central authorities: HK chief executive  • Wall scores 25 to lift Wizards past Spurs  • Spotlight: Russian economy to be painful yet hopeful in 2015: experts  • CBA foreign player Tyler ready to show positive energy  • Singapore's housing rental prices decline further in December  • Mainland hopes smooth cross-Strait ties after electing new KMT chairman  • Indian stocks open flat  • Ford explains Smart Mobility Experiments for China's megacities  • N. China to establish new energy vehicle manufacturing base  
You are here: 　 Home

Planned tax hikes not severe: Brazil's finance minister

Xinhua, January 14, 2015 Adjust font size:

Brazil's Finance Minister Joaquim Levy Tuesday denied the severe consequences of planned tax increases.

"We don't intend to unleash a bag, or package, of evil," Levy told reporters at a press conference, "but we are going to have to take some steps."

Levy, who took office this month as part of President Dilma Rousseff's second-term cabinet, is responsible for matters concerning raising tax revenues, lowering public-sector spending, and reactivating the economy that closed the year with two quarters of negative growth.

The finance minister didn't specify the increasing taxes, but assured that measures will be "compatible" with achieving the government's goal of boosting revenues.

Levy noted that some small private companies in Brazil pay little income taxes with a rate as low as 4 percent to 5 percent, while individuals bear the maximum rate of 27.5 percent.

Asked whether the government was considering raising the maximum rate of income tax, Levy said the government "would have to stop these atrocious cases," according to Brazil's G1 news website.

Brazil has already announced several measures designed to trim public spending, including restricting eligibility for unemployment insurance and disability payments. Measures are still being examined in parliament.

The Brazilian government has also raised the loan interest rates of the National Economic and Social Development Bank. Endi