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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.430

+6.6%

1:36 PM EST

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To: lebo who wrote (9778)	11/18/1998 10:36:00 AM
From: Steve Fancy	Read Replies (2) of 22640

Brazil's Senate To Debate Key Fiscal Plan Tax Increase Wed Dow Jones Newswires BRASILIA -- The Brazilian Senate is scheduled to start its voting procedures Wednesday on the rise and extension of a tax that is a key part of the government's fiscal emergency plan. That same day, a joint session of Congress is slated to continue voting on six of the 10 remaining provisional measures linked to the social security-reform bill, approved earlier this month. Government-allied party leaders in the upper house decided Tuesday that they will propose to extend the financial transactions tax, known as CPMF, increasing it to 0.38% in 1999 from the current 0.20%, and back to 0.30% in 2000 and 2001. The current CPMF, a temporary tax introduced two years ago, expires on Jan. 1 and is charged on all banking operations such as withdrawals and transfers. The increase and extension of the tax is part of the government's Fiscal Stabilization Plan, introduced Oct. 28 and which seeks to save 28 billion reals (BRR) ($1=BRR1.19) in 1999 alone. The plan is linked to the granting of the $41.5 billion multilateral IMF-led emergency rescue package for Brazil announced last Friday. The rise and extension of the tax is projected to earn the government BRR15.3 billion in 1999. The approval of the CPMF proposals is subject to a three-fifths majority in two rounds of voting in the Senate and the Chamber of Deputies. -By William Vanvolsem; 5561 244 3095; wvanvolsem@ap.org

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