Tax reduction in SP causes loss of BRL 3.2 billion – 04/26/2023 – Panel SA

The mayor of São Paulo, Ricardo Nunes (MDB), is trying to block a bill from the Chamber of Councilors that increases the ISS (Tax on Services) from 2% to 5%.

Estimates by the Secretariat of Revenue indicate that revenue losses reach R$ 3.2 billion per year.

The project was approved in the first round and primarily affects banks and other financial institutions.

As Panel SA reported, businessmen and bankers claim, on condition of anonymity, that they are putting pressure on the mayor and councilors against the progress of the project.

Nunes, through his advisory, denied having received businessmen to deal with this matter.

Behind the scenes, however, aldermen allied with the mayor told the column that there is a “shock troops” to overthrow the project, still without a date for voting in the second round.

With Diego Felix

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