Wednesday, Apr 25th

LATEST:
You are here: Business Business Brazil unveils $17 bln in taxes, spending cuts to plug deficit

Best_of_2015_587x57_Results

Brazil unveils $17 bln in taxes, spending cuts to plug deficit

brazilBRASILIA--Brazil's government announced spending cuts and tax increases totaling 65 billion reais ($16.9 billion) on Monday as it scrambles to close a budget deficit that led to a downgrade of the country's credit rating last week.
  The biggest item was the revival of the unpopular CPMF tax on financial transactions that will raise 32 billion reais next year if it passes a Congress opposed to new taxation. The drastic cuts hit agricultural subsidies, infrastructure investments, government salaries and bonuses, as well as public health and low-cost housing programmes.
  The government reduced tax subsidies for the chemical industry, cut refunds to exporters of manufactured goods and raised the capital gains tax to up to 30 percent.
  The latest round of fiscal measures are meant to bridge a shortfall of 30 billion reais in next year's budget that President Dilma Rousseff sent to Congress last month and reach a budget surplus of 0.7 percent of GDP before interest payments. As Brazil slides into its worst recession since the Great Depression, opposition leaders said the steps were too little too late to restore credibility in the policies of Rousseff, who is facing mounting call for her resignation or impeachment.
  Economists said the fiscal savings look good on paper but doubted they will clear Congress without being diluted. "The government is now scraping the barrel in an effort to plug its budget hole," Capital Economics, a London-based research house, said in a note to clients. The measures showed the government's "impotence" in reducing Brazil's bloated bureaucracy.
  The speaker of the lower house, Eduardo Cunha, said Rousseff's embattled administration lacked the support needed in Congress to approve the reinstatement of the CPMF tax.
  The head of the Brazilian Senate, Renan Calheiros, said deeper cuts were need to reduce the size of the federal government before Congress will agree to more taxes. Planning Minister Nelson Barbosa said 10 ministries will be eliminated, but that is a symbolic measure that will save only 200 million reais.

Image
St. Maarten midday Weather Forecast for Saturday
Saturday, 17 October 2015
DATE ISSUED: Saturday, October 17, 2015 @ 12:00 LST (16:00 UTC) VALID UNTIL: Sunday midday (12:00... Read more...
Image
SHTA poll: Businesses want anti-ship-jumping legislation
Saturday, 17 October 2015
Click here for SHTA graph pdf PHILIPSBURG--The St. Maarten Hospitality and Trade Association... Read more...
Image
Dominica’s tourism sector ready to welcome visitors after TS Erika
Friday, 16 October 2015
ROSEAU, Dominica--“Dominica is open for business and ready to welcome visitors to its shores.”... Read more...
Image
Reparations Committee: Withdraw Queens’ names from Suriname’s highest mountains
Thursday, 15 October 2015
PARAMARIBO--Suriname’s National Reparations Committee NRCS has filed a request with President... Read more...
Image
Ex-US House Speaker Hastert to plead guilty in hush-money case
Friday, 16 October 2015
CHICAGO--Former U.S. House Speaker Dennis Hastert is expected to plead guilty in a hush-money case... Read more...
Image
Hillary Clinton to 'look hard' at Julian Castro as possible VP pick
Friday, 16 October 2015
WASHINGTON--Democratic presidential contender Hillary Clinton won the backing of Housing and Urban... Read more...
Image
Half a million Yemen children face severe malnutrition
Friday, 16 October 2015
GENEVA--More than half a million children in Yemen face life-threatening malnutrition as a risk of... Read more...
Image
Modi to open 70-year-old files in challenge to Gandhi dynasty
Friday, 16 October 2015
NEW DELHI--Prime Minister Narendra Modi says he will seek to unravel one of India's most enduring... Read more...
Image
Cuba in cash crunch due to low commodity prices, Venezuela woes
Friday, 16 October 2015
HAVANA--Low commodity prices, a drought at home and Venezuela's economic crisis have created a cash... Read more...
Image
Apple's newest courtroom foe is patent-savvy university
Friday, 16 October 2015
NEW YORK--As a veteran of the global smart phone wars, Apple is used to courtroom battles with... Read more...
Image
Focus needs to be on fighting crime & helping unemployed
Friday, 16 October 2015
Dear Editor, With all of the political situation on the island, we can't lose focus on some of the... Read more...
Image
Had enough
Friday, 16 October 2015
Dear Queenie, My brother died years ago but his widow stayed close to our family. Eventually she... Read more...
Image
RBC St. Maarten Little League School Tournament
Saturday, 17 October 2015
Sister Marie Laurence defeated Leonald Conner in the RBC St. Maarten Little League School... Read more...
Image
Nadal trounces Wawrinka, Djokovic tames Tomic
Friday, 16 October 2015
CHINA-- Former world number one Rafa Nadal displayed more signs of a return to top form with a... Read more...
Image
Junk shop photo spurs quest to confirm Billy the Kid image
Friday, 16 October 2015
DENVER--For the $2 he spent to buy three old photographs, Randy Guijarro may have hit the mother... Read more...
Image
Few signs of improvement for NBA star Odom after collapse
Friday, 16 October 2015
LAS VEGAS--Pro basketball and reality TV star Lamar Odom spent a third day hospitalized on... Read more...
Image
Bruney cruises into retirement
Friday, 16 October 2015
~ After three decade in cruise industry ~   By Alita Singh   Frank Bruney has seen tiny... Read more...
Image
ALL HANDS ON DECK, WE MADE IT!
Friday, 16 October 2015
~ Fair Transport Sailing Vessel Nordlys is launched ~   St. Maarten has been graced by the... Read more...
Editorial - Anybody’s guess
Saturday, 17 October 2015
Governor Eugene Holiday has decided to seek legal clarity on the current constitutional impasse.... Read more...
Editorial - Time is up
Friday, 16 October 2015
With so much ongoing constitutional turmoil, the fact that more than 100 people attended the... Read more...
Image
Saturday Oct. 17, 2015
Friday, 16 October 2015
Image
Friday Oct. 16, 2015
Friday, 16 October 2015
Notices October 16
Friday, 16 October 2015
General Meeting St. Maarten Professional Softball Association (SMPSA) general meeting for the... Read more...
Notices October 15
Thursday, 15 October 2015
General Meeting S.M.P.S.A. general meeting for the softball season 2016 will be held at Sundial... Read more...