Brazil to cut payroll taxes on retail sector, finmin says

BRASILIA Wed Dec 19, 2012 3:44pm EST

BRASILIA Dec 19 (Reuters) - Brazil's government will cut payroll taxes to the retail sector and renew tax breaks on home appliances, Finance Minister Guido Mantega said on Wednesday.

The government expects retailers to lower prices as a result of the tax reduction, Mantega said at a press conference.

Mantega added that the IPI tax on cars will be gradually reintroduced starting in January, and that the government will propose changes to the ICMS interstate tax regime.

The continued stimulus measures come as President Dilma Rousseff, has struggled to revive Latin America's biggest economy.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.