Brazil’s Bolsonaro sanctions inflation-busting ICMS law

The new law aims to curb the effects of inflation by lowering the prices of products considered vital to Brazilians.

RIO DE JANEIRO, BRAZIL - President Jair Bolsonaro on Thursday (23) approved the bill to limit state-level VAT (ICMS) on diesel, gasoline, electricity, communications, and collective transport.

The funds saved will be used to try to increase the value of the 'Brazil aid' (survival assistance called Auxilio Brasil). Now, the presidential palace has decided to increase the Brazil aid from R$400 to possibly R$600 (US$115) per month by the end of 2022.

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