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Brazil Finmin convinces Lula to adopt inflow tax-report

October 19th, 2009

President Luiz Inacio Lula da Silva

Brazil’s government plans on reviving a tax on capital inflows to contain the recent surge of the local real currency against the dollar, Folha de S. Paulo newspaper reported on Saturday, without citing sources.

President Luiz Inacio Lula da Silva denied there were plans for any such tax on Friday. But the newspaper said Finance Minister Guido Mantega convinced Lula to adopt the measure and that it could be announced already in the beginning of next week.

The idea is to slow down a sharp influx of capital into the country which is helping to rapidly strengthen the local currency, making exports expensive, the report said.

Brazil’s real has gained around 37 percent this year, while the Bovespa stock index .BVSP has rallied more than 76 percent so far in 2009.

The tax would also be extended to investments in the stock market, the report added.

On Friday, O Estado de S. Paulo newspaper reported that the government was considering reviving the tax on capital inflows, a report which put pressure on the real currency. Lula at the time said “there’s no plans for any kind of tax.”

Reporting by Ana Nicolaci da Costa

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