Brazil’s Lula government admits it cannot give up almost R$29 billion in PIS/Cofins (Brazilian VAT) that will be charged to those who fuel their vehicles.
The collection will be slightly lower than expected, with more on gasoline and less on ethanol, announced yesterday, Monday, by the Ministry of Finance.
The Bolsonaro administration suspended the VAT, providing relief to overindebted Brazilian households.
The Minister of Finance, Fernando Haddad, has yet to report the tax collection . . .