Brazil’s Lula Considers Giving Up on Bank Tax Hike

President Luiz Inacio Lula da Silva’s administration is considering giving up on its idea of increasing a tax on bank profits to offset a payroll break approved by Congress, the government’s whip in the legislature, Senator Randolfe Rodrigues, said according to CNN Brasil.

The idea is to keep only the proposals from lawmakers to offset the cost of the gradual restoration of payroll taxes for companies and municipalities, without including an increase in the Social Contribution on Net Income for financial institutions, according to CNN Brasil.