A popular plan to lift Brazil's small-business tax ceilings has swelled into a fifty-billion-real budget risk after a manoeuvre in Congress.
Brazil · Economy
Key Facts
—The move. House Speaker Hugo Motta merged a small-business tax bill into a wider, costlier reform on July 1.
—The plan. It would lift the tax-free ceiling for micro-entrepreneurs from R$81,000 ($15,000) toward R$130,000 ($24,000).
—The cost. The finance ministry estimates the broad version at about R$50bn ($9.3bn) a year in lost revenue.
Reform said the tax break for small businesses would cost the government more than £2bn but later be paid off by higher growth.
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