(MENAFN) Brazil is desperately in need for a temporary tax increase to cut a budget deficit that threatens the country's debt rating, eventually helping to speed up economic recovery in the longer term.
The presidential chief of staff stressed on the fact that this tax raise could open room for interest rates to fall faster, plus help the country avoid the USD7 billion deficit predicted for next year.
Fears grow as Brazil is heading to its worst recession in 25 years this year, with economic growth forecasted to return only in 2017, therefore authorities has also been looking for different sources of revenue.
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