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Reuters
Reuters
Business
By Marcela Ayres

Brazil to reintroduce diesel tax to pay for Lula's auto program

Luiz Inacio Lula da Silva Brazil
FILE PHOTO: Brazil's President Luiz Inacio Lula da Silva gestures during the South American Summit at Itamaraty Palace in Brasilia, Brazil May 30, 2023. REUTERS/Ueslei Marcelino

Brazil's government will partially reintroduce a federal diesel tax this year to pay for leftist President Luiz Inacio Lula da Silva's plan to bring down the cost of vehicles, Finance Minister Fernando Haddad said on Friday.

The plan offers tax credits to manufacturers who lower auto prices. Last year, former President Jair Bolsonaro eliminated the diesel tax until the end of 2023 to combat inflation ahead of the presidential election.

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