January 4, 2019 / 11:31 AM / 17 days ago

Brazil's Bolsonaro may raise personal loan taxation: newspaper

FILE PHOTO: Brazil's new President Jair Bolsonaro cries after the swearing-in ceremony as he leaves Brazil's National Congress, in Brasilia, Brazil January 1, 2019. REUTERS/Pilar Olivares

SAO PAULO (Reuters) - Brazil’s new President Jair Bolsonaro is considering a higher tax burden on personal loans as a way to fund development projects in the country’s north and northeast regions, newspaper Folha de S. Paulo reported on Friday.

A presidential decree is likely to be issued in the coming days, the paper said without citing sources. Brazilian banks have been lobbying for lower taxation as a way to reduce interest rates for consumers.

Reporting by Carolina Mandl; Editing by David Goodman

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