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Brazil has deferred or reduced $29 billion in taxes amid pandemic: revenue service

imageEconomic Indicators14 hours ago (May 15, 2020 03:50PM ET)

BRASILIA (Reuters) – Brazil has deferred or reduced taxes worth 170 billion reais($29.15 billion) due to coronavirus crisis and is considering whether to extend tax deferrals before the end of the month, federal revenue service chief Jose Tostes Neto said on Friday.

Brazil’s economy is being battered by coronavirus pandemic, preventing most businesses from opening due to state and local government social distancing measures.

The government predicts gross domestic product will contract 4.7% this year, the worst annual contraction since records began in 1900.

Brazil has deferred or reduced $29 billion in taxes amid pandemic: revenue service

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