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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: wl9839 who wrote (15290)	5/13/1999 8:51:00 PM
From: wl9839	Read Replies (1) \| Respond to of 22640

Brazil's Govt To Give Municipalities BRR180M In Aid Dow Jones Newswires BRASILIA -- The Brazilian government announced late Thursday it will give cash-strapped municipalities in 12 states a total of 180 million reals ($1=BRR1.653) to help compensate for lost tax revenues. Presidential Palace spokesman Georges Lamaziere said the funding will be made available July 1. The money will help cover losses related to the so-called Kandir Law, which provides tax exemptions for the export of raw materials. States and municipalities have argued the measure significantly cuts revenues. Last week, the federal government announced it would move forward BRR800 million in Kandir Law reimbursements to 21 states to the first half of 1999, instead of the originally scheduled delivery in the second half. The announcement of the grant for municipalities was made following a demonstration march Thursday by over 4,000 mayors in font of the Presidential Palace in Brasilia.