Brazil’s lower house of congress on Wednesday approved legislation creating new taxes on the country’s wealthiest residents, a boost for President Luiz Inacio Lula da Silva’s plans to increase government revenue and balance the nation’s budget.
Lawmakers voted 323-119 to approve a bill to tax offshore and exclusive funds, a priority for Finance Minister Fernando Haddad as he seeks to deliver on his pledge to zero Brazil’s primary deficit in next year’s budget.
The proposal still needs Senate approval to become law.
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