SANTOSTILO BRAZIL’S TOP COURT BACKS MOST OF LULA’S TAX HIKE DECREE AFTER STALEMATE WITH CONGRESS
Tax Hike and Political Gridlock The IOF decree, issued in late May, targeted corporate credit, foreign exchange, and private pension transactions as part of Lula’s strategy to raise critical revenue—approximately 12 billion reais ($2.16 billion) in 2025 and over twice that in 2026—to avoid constitutionally mandated budget freezes Congress swiftly rebuffed the decree, passing a motion in … Read more