The government has no progressive base in Congress, Haddad says

Minister criticizes BC’s “rigid” board and so-called “frogs”, passages included in drafts outside the original topic

Finance Minister Fernando Haddad this Saturday (December 9, 2023) criticized the current composition of the National Congress and said that the congressmen are resisting the approval of proposals to increase revenues and budget adjustments. The PT member also named the current board of directors of the BC (Central Bank). “heavy”.

“We don’t have a progressive base in Congress. I am not saying anything bad or good, I am stating a fact. We at the Central Bank no longer have an aerial control, it is “hawkish”, very strict. The rate began to be reduced only in August.” – the minister said at the PT election conference for 2024 in Brasilia.

Haddad criticized the so-called “Djabouti” – cuts that do not relate to the purpose of the bills before Congress – and defended the president’s veto in the matter. We make a decision. Instead of increasing the tax burden to pay for spending that has been contracted without funding, start a turtle hunt and eliminate these distortions in the tax system.”– he declared.

Haddad’s speech comes as the government is racing against time to approve economic measures that include the 2024 budget and aim to boost revenue. There is also a vote on the names of Minister of Justice Flavio Dino and Interim Attorney General for Elections Paulo Gannet for the STF (Supreme Federal Court) and for the PGR (General Prosecutor’s Office) respectively. Congressional recess begins on December 23.

Below are the government’s main economic themes:

  • Budget 2024;
  • tax reform;
  • regulation of sports betting;
  • ICMS (goods and services tax) subsidy;
  • taxation of international purchases;
  • payroll tax credit veto;

already On Thursday (December 7th), after a meeting with Senate President Rodrigo Pacheco (PSD-MG), Haddad said that one of the economic plans of the day, the JCP (interest on shares) bill, should be passed in 2024 and that, for now, the changes to the rules on this subject will be included in the MP (temporary measure) for ICMS subsidies.

Initially, the expectation of income with the end of JCP was R$ 10.5 billion to the state coffers next year, according to the estimates of the economic group. But the project did not advance in the Chamber of Deputies. The deputy is one of the priorities of the government, which estimates the increase of approx 35 billion R$ in 2024 with an offer.

A recent boost to the economy next year was the approval of a tax proposal offshore and exclusive investment funds. Even with the changes made to the text, the government hopes to increase revenues by more than 20 billion reais in 2024 with this proposal.


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