Industries and markets

Brazil’s ex-president Lula convicted in second corruption case

“Brazil’s former President Luiz Inacio Lula da Silva has been convicted for a second time on charges of corruption and money laundering and sentenced to nearly 13 years in prison. Lula was on Wednesday found guilty by a court in the southern city of Curitiba of accepting renovation work by two construction companies on a…

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Mexican economic plan aims to cut migration to the US

“The free zone scheme was introduced last month after President López Obrador announced it at the end of last year. Running the entire length of the 3,180km (1,954 mile) US-Mexican border, and 25km wide, the sales tax inside the area has been halved from 16% to 8%. At the same time, income taxes have been…

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Brazil: São Paulo plans to reduce ICMS Rate on Fuel

The governor of São Paulo, João Doria (PSDB), intends to announce the 25% reduction in jet fuel kerosene ICMS to 12%. The adjustment is to be made under the new program for air transport and tax reduction.   Background of the planned Tax Cut Currently, the fuel consumption at the airports of São Paulo is…

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Brazil: São Paulo reduces ICMS rate for packaged produce

Since February 1st, São Paulo has reduced the ICMS rate on packaged fruits, vegetables, and herbs to 0% which should bring down the consumer prices.   Abadoning Double Taxation The reason for the reduction was the double taxation on said produce because the ICMS tax was levied both on the foods as well as on…

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Brazil’s Sergio Moro looks to overhaul crime fighting

“Justice Minister Sergio Moro presented an anti-crime bill Monday that seeks to toughen Brazil’s approach to organized crime, corruption and violence. Key measures include obligating convicts to begin serving their sentences after a first appeal is denied, categorizing militias and drug trafficking gangs as organized criminal groups and cracking down on illegal campaign finance. “We…

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Mexico Posts Record-High Trade Surplus Even After Nafta Redo

“Mexico, which sends the vast majority of its exports to the U.S., saw its surplus soar to $1.8 billion, the most for any month since data has been collected in 1999. Automotive exports rose 7.4 percent from a year earlier to $11.5 billion dollars, while oil-product imports fell 15.5 percent to $1.38 billion.”

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Brazil: INSS Update

The Resolution Nr. 9/2019 specifies the modifications to the INSS contributions in line with the social security regulations. According to the new resolution, beenfits pais by the National Institute for Social Security (INSS) have been changed to 3,43% since January 1st, 2019.   Adaptation of INSS Contributions INSS benefits are paid for: accident aid sick…

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Mexico investigates 3 officials from state oil company

“We can’t tolerate anything that has to do with corruption or even accept suspicions,” he said. Mexico comptroller Irma Erendira Sandoval said that the Pemex officials, including the current head of exploration and production, had signed off on 25 suspicious contracts since 2012. The contracts for technical assistance were subcontracted various times, despite language barring…

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