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Brazil 2020 Budget Foresees Increase of R$24.2 billion in Tax Waivers

RIO DE JANEIRO, BRAZIL - Amidst the growth of compulsory expenditure and the scarcity of discretionary (non-mandatory) funds for the maintenance of public bodies, tax waivers will continue to grow next year. The proposed General Budget of the Union, currently under discussion in Congress, foresees that the government will fail to collect R$330.6 billion (US$82.7 billion) as a result of tax incentives in 2020.

The amount represents an increase of R$24.21 billion compared to the 2019 Budget, which allocated R$306.39 billion in tax expenditures, a designation given when the government forgoes revenues . . .

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