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Reuters
Reuters
Business

Brazil's Lula to end industrial tax IPI, VP says

Luiz Inacio Lula da Silva Geraldo Alckmin Brazil Rui Costa Vice President
FILE PHOTO: Brazil's President Luiz Inacio Lula da Silva attends a breakfast with journalists at Planalto Palace in Brasilia January 12, 2023. REUTERS/Adriano Machado

Brazilian leftist President Luiz Inacio Lula da Silva will seek to end the industrial tax IPI, Vice President Geraldo Alckmin said on Monday, which would continue an exemption policy initiated by his predecessor Jair Bolsonaro.

At an event hosted by Sao Paulo's industry group FIESP, Alckmin acknowledged that the current administration considered reversing Bolsonaro's 35% IPI tax reduction, amid discussions on how to slash this year's primary budget deficit.

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