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…
Read MoreMexican 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…
Read MoreBrazil: 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…
Read MoreBrazil’s Government Hopes to Save R$1 Trillion with Social Security Reform
“According to the official there are currently two to three proposals which will be given to President Jair Bolsonaro. One of them is to make contribution years and a minimum retirement age the same for men and women.”
Read MoreBrazil’s Oil Production Falls in 2018 While Natural Gas Production Increases
“Oil production in Brazil fell by one percent last year, compared to the results obtained in 2017, despite having grown 4.8 percent in December, according to the National Petroleum, Natural Gas and Biofuels Agency (ANP).”
Read MoreBrazil: 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…
Read MoreBrazil’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…
Read MoreMexico 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.”
Read MoreBrazil: 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…
Read MoreMexico 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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