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Budget revision ahead: Brazilian taxpayers alert!

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Finance Minister Henrique Meirelles said Wednesday (March 22) that the economic team will define next week the revision of the 2017 budget, yet to be determined whether there will be a need to increase taxes to ensure compliance with the primary result target this year.

The Report on the Evaluation of Primary Revenue and Expenditure for the first two months of 2017, sent to the National Congress Wednesday, stated that the difference between primary revenues and expenses is R $ 58.2 billion. The fiscal target for this year is a deficit of R $ 139 billion.

Henrique Meirelles clarified that the contingency will be smaller than this constant difference in the report. “We are studying compensatory measures to cover and fill this gap,” the minister said during a news conference.

Among the measures to define the amount of the contingency, the government is consulting its legal area to confirm the value that can be included in the report regarding the estimate of total revenue from the sale (auction or concession) of three hydroelectric plants granted to Cemig. They will be returned to the Union due to the end of the concession term.

He clarified that, under the Fiscal Responsibility Law, the government has until the 30th day of the month following the closure of the bimester to implement the cutting measures in the Budget.