By Jaylan Boyle, Contributing Reporter
RIO DE JANEIRO - The government plans to introduce a new tax on savings of approximately 22 percent by January of next year, announced Finance Ministry Economic Policy Secretary Nelson Barbosa on September 15.
The proposal is to be sent to Congress in the next few weeks, confirmed Finance Minister Guido Mantega.
The initiative seeks to impose a tax rate of 22 percent annually on savings accounts with a balance above a minimum of R$50,000. However, only the portion above the floor rate will be targeted for taxation.
The 22 percent rate is equivalent . . .