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Brazil's opposition candidate promises to cut investment taxes

10-21-2010 14:02 BJT

RIO DE JANEIRO, Oct. 20 (Xinhua) -- The opposition candidate in Brazil's presidential elections, Jose Serra, said Wednesday that, if elected, he would lower the taxes on investments in the production sector.

"In order to invest and generate jobs, you need to diminish the burden of the taxes over this investment," Serra said during a radio interview in Rio.

Serra said it would be necessary to make an agreement among the federal, state and municipal governments to realize this. He also promised to lower taxes for food products and medicine.

Meanwhile, the candidate commented on a bill which was voted on by the House of Representatives earlier this year. The bill foresees an equal redistribution of oil royalties among all the Brazilian states.

Under the current system, the producer states receive a larger share of the royalties as a compensation for the impact of oil exploration. Under the new regulation, some states, such as Rio, would suffer a significant loss of income.

Serra criticized the so-called Ibsen Bill, saying that, if elected, he would veto the project.

"The oil must benefit Brazil as a whole, but the regions where the oil is extracted must consider the benefit-cost ratio," he said.

Editor:Jin Lin |Source: Xinhua

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