Cascading taxes are responsible in Brazil for almost 25% of total revenue raised by the three levels of government. This is harmful to the country's economic performance and to her international trade balance. In this paper, the sectoral burdens of Brazilian cascading social contributions, as...

There is a lot of debate about the fiscal impact of the National Treasury loans to BNDES. Given that the interest rates of the loans are mostly indexed to TJLP, there is, in principle, a fiscal cost equal to the difference between TJLP and the market rates of Treasury debt. However, this...

Existe um grande debate sobre o impacto fiscal dos empréstimos do Tesouro Nacional (TN) ao Banco Nacional de Desenvolvimento Econômico e Social (BNDES). Dado que os empréstimos possuem custo indexado majoritariamente à Taxa de Juros de Longo Prazo (TJLP), há, em princípio, subsídio igual...