Brazil Senate approves amendment of revenue appropriation
Brazil's Senate approved a constitutional amendment in which the government can readily use up to 30% of tax revenues which would have been allocated for other expenditures.
Called the DRU, this will help the Brazilian government ensure that their expenses is in check as it aims to curb its fiscal deficit in the future.
The legislation, which was passed faster than estimated, had voided in 2015 and will not be prolonged until 2023. President Michel Temer pledged to resolve the fiscal deficit in the country.
News are provided byInstaForex.