trending Market Intelligence /marketintelligence/en/news-insights/trending/3XG0eNeqxIFcjqvi5P-iqA2 content esgSubNav
In This List

Secretary to Brazil's federal revenue service sacked in tax reform dispute

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Secretary to Brazil's federal revenue service sacked in tax reform dispute

Marcos Cintra, the special secretary to Brazil's federal revenue service, was dismissed Sept. 11 over disagreements with the government on a proposed tax reform bill.

Brazil's economy ministry confirmed the departure, saying in a statement that there is currently "no finalized tax reform project."

In a tweet, President Jair Bolosnaro said Cintra was removed due to "differences" over the tax reform, particularly his proposal to reintroduce a financial transaction tax modeled on Brazil's now-abolished CPMF tax.

Bolsonaro has ruled out a reinstatement of the CPMF tax or a hike in the overall tax burden. Economy Minister Paulo Guedes, meanwhile, earlier voiced support for a transactions tax.

A source told Reuters that Guedes decided on Cintra's dismissal because he discussed the tax reform publicly before the proposal was drafted in full.

"The [tax reform] proposal will only be released after the approval of Minister Paulo Guedes and President Jair Bolsonaro," the economy ministry said in its statement.