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Brazil’s Senate passes bill raising taxes on banks, chemicals, lotteries

RIO DE JANEIRO, BRAZIL - The Senate on Tuesday, June 22, approved the Provisional Measure increasing taxation on bank profits, reducing tax benefits for the chemical industry and removing the exemption on fuels and derivatives in the Manaus Free Trade Zone (MP 1.034/2021). It also revises the distribution of revenues from sports lotteries.

The Senate introduced changes to the draft, which will return to the Chamber of Deputies. The Provisional Measure must be approved by June 28 to remain valid.

The bill is intended to offset the reduction in the tax rates on diesel oil and cooking gas. In . . .

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