Brazil is planning to raise R28.8 bn ($5.5bn) through increasing federal taxes on motor fuels using the new formula, said the finance ministry, reports Argus Media.
The ministry has not disclosed the details but said that there will be an increase in the taxes on fossil fuels as per the signal given by President Luiz Inacio Lula da Silva during his campaign in 2022.
The finance ministry confirmed that as per Haddad’s plan to reduce the deficit, R28.8bn will be collected.
