Justice Moraes reinstated the decree that raised the IOF tax rate on credit operations, Lula vetoed the bill that would have increased the number of congressmen, and Lula will address Trump’s tariff hike tonight

BRAZIL POLITICS - Report 17 Jul 2025 by Murillo de Aragão and Cristiano Noronha

Yesterday, Justice Alexandre de Moraes reinstated the decree that raised the IOF tax rate on credit operations. After a conciliation hearing failed to reach consensus, he ruled that the only valid portion of the legislative decree is the one that suspends the IOF tax on “risco sacado” (receivables financing based on buyer's risk). President Lula has decided to veto a bill that would increase the number of federal deputies from 513 to 531. According to a Quaest poll released yesterday, 85% of Brazilians oppose expanding the number of lawmakers. President Lula is set to deliver a national address on radio and television this evening regarding the tariff hike announced by Donald Trump on Brazilian goods. The speech has already been recorded and is scheduled to air tonight.

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