December 4, 2012 / 2:04 PM / in 5 years

Brazil to extend tax breaks to construction sector

BRASILIA, Dec 4 (Reuters) - Brazil will extend payroll tax exemptions to the country’s construction sector, Finance Minister Guido Mantega said on Tuesday, the latest in a flurry of tax breaks to local businesses aimed at supporting a lackluster economy.

The Brazilian economy grew much less than expected in the third quarter, surprising private economists and even the government.

Brazil’s biggest publicly listed homebuilders, including PDG Realty SA, Cyrela Brazil Realty SA and Gafisa SA, have struggled over the past year as demand cooled and projects overran budgets and timetables. (Reporting By Alonso Soto; Editing by Chizu Nomiyama)

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