Brazil’s government on Tuesday unveiled a long-promised income tax reform aimed at exempting individuals earning up to 5,000 reais (approximately $881) per month from paying income tax.
Finance Minister Fernando Haddad described the bill as "balanced" in fiscal terms and a step toward achieving tax justice.
Under the proposal, the revenue gap created by the tax exemption for low-income earners would be offset by imposing new levies on high earners, as well as on profits and dividends sent abroad. The reform is designed to relieve the tax burden on the country’s lower-income population while ensuring that wealthier individuals and corporations contribute a fair share.
President Luiz Inácio Lula da Silva's government has consistently emphasized the need for reforms that promote social equity and stimulate economic growth. This income tax reform is a central element of the administration’s broader fiscal agenda, aiming to foster a more just tax system while maintaining fiscal balance.
Haddad’s statement comes as part of ongoing efforts to modernize Brazil’s tax structure and reduce income inequality. If implemented, the reform is expected to boost disposable income for millions of low-income Brazilians, potentially stimulating domestic consumption, while also generating additional revenue from the nation’s wealthiest sectors to sustain government spending and public services.
The proposal now moves to the legislative stage, where it will face debate and scrutiny in Congress. Lawmakers and economists will weigh its potential to drive economic growth against concerns about its impact on investment and competitiveness.
Ireland has committed €15 million ($16.3 million) to Brazil's Amazon Fund over the next three years, aiming to support efforts to combat deforestation in the world's largest tropical rainforest.
Brazil has recalled Neymar for this month's World Cup qualifiers against Colombia and Argentina, marking his return to the national team after more than a year.
Brasília, Brazil, February 20, 2025 – Brazilian President Luiz Inácio Lula da Silva reaffirmed his country’s neutrality in the Ukraine conflict by rejecting a request from German Chancellor Olaf Scholz to purchase Brazilian arms for Kyiv.
Brasília, Brazil, February 18, 2025 – Brazil’s government has approved joining OPEC+, a group of major oil-exporting nations, signaling a significant step in the country’s evolution into a prominent oil state.
U.S. President Donald Trump took to Truth Social on Tuesday to comment on his phone conversation with Russian President Vladimir Putin, calling it a “very good and productive one” and claiming progress toward ending the war in Ukraine.
Israeli Prime Minister Benjamin Netanyahu declared on Friday that Israel has resumed combat operations in Gaza “with full force,” following the collapse of a temporary ceasefire. Speaking in Tel Aviv, he warned that the latest wave of airstrikes was “just the beginning” of renewed military action.
Speaking at a meeting of AIPAC’s board of directors, Israeli Foreign Minister Gideon Sa’ar stated that the decision to resume strikes in Gaza was made several days ago and that the military operation will persist beyond today.
Russian President Vladimir Putin on Tuesday cautioned his economic team against overcooling the national economy through overly tight monetary policies ahead of the central bank's impending rate decision.
U.S. Chief Justice John Roberts has publicly rejected President Donald Trump’s demand to impeach a federal judge, delivering a rare rebuke that highlights growing tensions between the White House and the judiciary.
The inside of a Herculaneum delicate & ancient scroll, unseen for nearly 2,000 years, has been revealed using Artificial Intelligence.
World leaders welcomed the 30-day ceasefire proposal that Ukraine has agreed to, calling it a step toward ending the conflict with Russia.
Regarding the Armenia-Azerbaijan process, we cannot forget the years of occupation, and we will not forget them, President Ilham Aliyev said in his speech at the opening ceremony of the 12th Global Baku Forum.
President Donald Trump has vowed to respond to the European Union's counter-tariffs, escalating tensions over the U.S. steel and aluminum duties that have sparked a trade dispute between the two economic powers.
U.S. President Donald Trump took to Truth Social on Tuesday to comment on his phone conversation with Russian President Vladimir Putin, calling it a “very good and productive one” and claiming progress toward ending the war in Ukraine.
Israeli Prime Minister Benjamin Netanyahu declared on Friday that Israel has resumed combat operations in Gaza “with full force,” following the collapse of a temporary ceasefire. Speaking in Tel Aviv, he warned that the latest wave of airstrikes was “just the beginning” of renewed military action.
Speaking at a meeting of AIPAC’s board of directors, Israeli Foreign Minister Gideon Sa’ar stated that the decision to resume strikes in Gaza was made several days ago and that the military operation will persist beyond today.
Russian President Vladimir Putin on Tuesday cautioned his economic team against overcooling the national economy through overly tight monetary policies ahead of the central bank's impending rate decision.
U.S. Chief Justice John Roberts has publicly rejected President Donald Trump’s demand to impeach a federal judge, delivering a rare rebuke that highlights growing tensions between the White House and the judiciary.
U.S. President Donald Trump took to Truth Social on Tuesday to comment on his phone conversation with Russian President Vladimir Putin, calling it a “very good and productive one” and claiming progress toward ending the war in Ukraine.
Israeli Prime Minister Benjamin Netanyahu declared on Friday that Israel has resumed combat operations in Gaza “with full force,” following the collapse of a temporary ceasefire. Speaking in Tel Aviv, he warned that the latest wave of airstrikes was “just the beginning” of renewed military action.
Speaking at a meeting of AIPAC’s board of directors, Israeli Foreign Minister Gideon Sa’ar stated that the decision to resume strikes in Gaza was made several days ago and that the military operation will persist beyond today.
Russian President Vladimir Putin on Tuesday cautioned his economic team against overcooling the national economy through overly tight monetary policies ahead of the central bank's impending rate decision.
U.S. Chief Justice John Roberts has publicly rejected President Donald Trump’s demand to impeach a federal judge, delivering a rare rebuke that highlights growing tensions between the White House and the judiciary.
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