Brazilian President Michel Temer revealed new economic measures on Dec. 15 in an effort to lead the country out of its worst recession in decades and provide steps to stimulate the economy.
The measures, which were prepared by the Ministries of Finance and Social Security under the supervision of President Temer, are focused on increasing productivity, reducing bureaucracy and providing direct benefits to the general population. The plan includes help for companies by simplifying taxes, as well as reducing labor and social security obligations, according to a news release published by Brazil's Presidency.
In order to bolster the real estate industry and generate jobs, the government announced credit incentives for the sector. Merchants will also see initiatives to increase credit card payment competitiveness.
Consumer and corporate tax debts prior to Nov. 30 will also be regulated and eligible for installment payments.
Moreover, the government will also gradually reduce an additional 10% fine that was required in cases of unjustified dismissal for deposits in the country's employee indemnity fund FGTS.
"These matters ... are aimed at boosting the Brazilian economy, at a time when we want the country's growth," Temer said in the news release.