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Brazil to provide financing to industry, lower auto taxes

Brazil to provide financing to industry, lower auto taxes
© Reuters. Brazil’s Vice President Geraldo Alckmin reacts during a meeting between Brazil’s President Luiz Inacio Lula da Silva and auto industry leaders to announce measures to boost car purchases by low-income Brazilians, at the Planalto Palace in Brasilia, Brazil

BRASILIA (Reuters) – Brazil’s state development bank BNDES will provide 4 billion reais ($799.47 million) in dollar-denominated financing for local industry, Vice President Geraldo Alckmin said on Thursday.

He also announced the government would lower the PIS and COFINS federal taxes levied on vehicles of up to 120,000 reais in a bid to modernize the local fleet and reduce the price of autos for consumers.

($1 = 5.0033 reais)

(This story has been corrected to say that financing will be provided for all industry, and not just the auto industry, in the headline and paragraph 1)

Source: Investing.com

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