Finance Minister Fernando Haddad said on Monday that the government was working with the prospect of voting the tax reform in the Chamber of Deputies in June and July, going to the Senate in September and October.
In an event organized by the newspapers Valor Econômico and O Globo, Haddad highlighted that the efficiency shock that the tax reform will have on the economy will be so great that it is difficult to measure.
“It is not possible to estimate right now the efficiency shock it will have on the Brazilian economy because it will be so big. We are talking about between 10% and 20% of the shock to gross domestic product, but I think we are going to make life much more easy for investors, workers and public authorities with this perspective,” he said.
Haddad also defended that the reform being planned will end a huge distributional conflict in the country and that it is especially important for those concerned with fiscal responsibility.
He explained that there is no intention to raise the consumption tax because it is already very high in Brazil, and that the tax reform will be neutral.
Source: Terra
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