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Brazilian finance minister denies tax hike for this year

Xinhua, September 30, 2016 Adjust font size:

Brazilian Finance Minister Henrique Meirelles on Thursday denied that the government intends to raise taxes for the rest of the year, despite the low tax collection at present.

"There is no need to raise taxes this year. All projections we made in the bimonthly reports show that there is no need for a tax hike," Meirelles said.

Earlier in the day, the Secretariat of Federal Revenues announced that the federal tax collection continued to fall in August, dropping 10 percent to 91.8 billion reals (28.2 billion U.S. dollars). The figures were the worst for August in seven years.

Meirelles also said there is no projection for a tax hike in 2017, either. He expects the tax collection to improve next year, with an improved gross domestic product (GDP).

"We do not foresee the need for tax hikes in 2017. There is a need for a general increase in tax collection and we believe it will partially come from the GDP growth, and there will be more collection originated from privatization and concessions," he said. Endi