Rio fails to comply with fiscal recovery and suffers penalties – 05/02/2023 – Market
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The state of Rio de Janeiro failed to comply with requirements set out in the Tax Recovery Regime and will suffer penalties, decided the program’s supervisory board, according to a note released this Tuesday (2) by the Ministry of Finance.
According to the ministry, Rio did not comply with the provisions of the law that instituted the plan aimed at states in serious financial crisis and, as a result, will not be able to contract new credit operations with a Union guarantee and will have to service the debt with the government. raised by 20 percentage points from 2024.
A report produced by the council points out that Rio has not complied with the expenditure control requirements set forth in the law. Sought, the Treasury Department of Rio de Janeiro did not respond immediately.
The Supervisory Board of the Tax Recovery Regime has representatives from the Ministry of Finance, the Federal Audit Court and the State in tax recovery. According to the folder, the decision was unanimous.
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