São Paulo – This Friday (9th) the Brazilian minister of Finance, Guido Mantega, announced that the government will lower taxes on the industrial companies’ payrolls as a means to boost international competitiveness. He said the government is already adopting measures to foster industrial growth.
According to the minister, the tax break should last approximately one year, and the rate is yet to be defined.
Mantega got together with approximately 20 industrial representatives at a meeting organized by the Institute of Studies for Industrial Development (Iedi), in São Paulo.
Mantega stated that the main concern expressed by the businessmen was the exchange rate. He assured the industry representatives that the government will continue taking measures to prevent an eventual imbalance from causing significant damage to the sector’s performance. “I can assure you that the exchange rate will not go up in a way that will harm Brazilian products.”
*Translated by Gabriel Pomerancblum
