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Brazil's Levy does not rule out increasing tax on domestic fuel
December 17, 2014 / 10:32 AM / 3 years ago

Brazil's Levy does not rule out increasing tax on domestic fuel

RIO DE JANEIRO, Dec 17 (Reuters) - Brazil’s incoming finance minister Joaquim Levy on Wednesday pledged to cut government expenses and did not rule out raising taxes, including a so-called CIDE tax on domestic fuel sales.

In an interview with Globo TV, Levy also said that higher power generation costs caused by intensive use of thermoelectric plants should be transferred to consumers rather than subsidized by the government.

He added “it’s too early to say” whether the Treasury will have to provide financial support to state-run oil company Petroleo Brasileiro SA, or Petrobras, which risks losing access to capital markets as a result of a widening corruption scandal involving its projects. (Reporting by Walter Brandimarte Editing by W Simon)

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