BRASILIA (Reuters) – Reform of the Brazilian tax system will reduce income tax for 30 million workers and exempt 16 million from paying any income tax at all, Economy Minister Paulo Guedes said on Friday.
In an online address after delivering the second phase of the government’s tax reform bill to the leader of the lower house of Congress, Guedes said the income tax cuts for individuals will be funded by increases in capital gains tax.
(Reporting by Jamie McGeever and Ricardo Brito)
