tag:blogger.com,1999:blog-67605869832368418602024-03-05T22:05:50.836-08:00Brazilian Law BlogUnknownnoreply@blogger.comBlogger378125tag:blogger.com,1999:blog-6760586983236841860.post-3287794869907264762021-11-18T04:18:00.001-08:002021-11-18T04:18:56.440-08:00“How to expand your Business to the Brazilian market?”<iframe width="480" height="270" src="https://youtube.com/embed/K_ec5HLKMQ8" frameborder="0"></iframe>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-4397502810126970852021-01-16T08:11:00.001-08:002021-01-16T08:11:13.683-08:00Receber pagamento internacional em bitcoin é permitido?<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhv1tOqD_PlTTnfU7X8C7SJuWQNTjQx-j-Ga1Iyst-fCoYXifTDW7cNRXZkGrV9Em_4iSgzVNran0LjW3SfzsBDCeBDKrIQPE0OUwurBNuRaOJiojxbD6hpU0iJEVvqLui1UghqLpNEBZ4/s1600/1610813448856115-0.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;">
<img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhv1tOqD_PlTTnfU7X8C7SJuWQNTjQx-j-Ga1Iyst-fCoYXifTDW7cNRXZkGrV9Em_4iSgzVNran0LjW3SfzsBDCeBDKrIQPE0OUwurBNuRaOJiojxbD6hpU0iJEVvqLui1UghqLpNEBZ4/s1600/1610813448856115-0.png" width="400">
</a>
</div>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-78823296855548653312020-10-23T06:32:00.000-07:002020-10-23T06:32:31.210-07:00I'm giving a lecture at Broward College (Brazil) today<p> You can enroll here: <a href="http://land.browardbrasil.com.br/friday-forum">http://land.browardbrasil.com.br/friday-forum</a><br /><br /><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR5W1DXBNWTD-4V4IrlmnsursuLZkrV9jDuMMRlDf_5fs7tbcl_0DJMCm3qkCF132_jaZdmliqEFLqaxWgy0mMTXFXOsddY6DPB9282VMpPfYl5CthyfaMtMQCGq0cyXbK4vB7f1r9tRI/s1080/ingles.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1080" data-original-width="1080" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR5W1DXBNWTD-4V4IrlmnsursuLZkrV9jDuMMRlDf_5fs7tbcl_0DJMCm3qkCF132_jaZdmliqEFLqaxWgy0mMTXFXOsddY6DPB9282VMpPfYl5CthyfaMtMQCGq0cyXbK4vB7f1r9tRI/w400-h400/ingles.jpg" width="400" /></a></div><br />Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-39037735077639363242020-01-06T20:20:00.001-08:002020-01-06T20:20:07.461-08:00Bolsonaro’s first year – I was wrong about China, but right about the banking industry<a href="https://adler.net.br/en/bolsonaros-first-year-i-was-wrong-about-china-but-right-about-the-banking-industry/">Bolsonaro’s first year – I was wrong about China, but right about the banking industry</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-89808746195924852832019-12-16T05:08:00.001-08:002019-12-16T05:08:50.941-08:00Brazilian tax ID can be obtained using Power of Attorney<a href="https://adler.net.br/en/?p=184&preview=true">Brazilian tax ID can be obtained using Power of Attorney</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-75772752164811229912019-11-25T19:02:00.000-08:002019-11-25T19:02:06.132-08:00When will Brazil regain the investment grade? <div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiN_X3P0dp76fHiImWr5mqmJGJmpPc9ujJOuj2zRwdHa8Hkts1P35spONHCFSqVEbINahC0kq67KMj3JoFED5ak5CYjgpkw7mnROfQQgmOVTQH0X8g5tp_BhKYlxtsHDU0qHy3IK-e-98E/s1600/novus+capital.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="506" data-original-width="449" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiN_X3P0dp76fHiImWr5mqmJGJmpPc9ujJOuj2zRwdHa8Hkts1P35spONHCFSqVEbINahC0kq67KMj3JoFED5ak5CYjgpkw7mnROfQQgmOVTQH0X8g5tp_BhKYlxtsHDU0qHy3IK-e-98E/s320/novus+capital.png" width="283" /></a></div>
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This report from Novus Capital, an investment management firm, shows that, by 2027, Brazil may reach an acceptable debt to GDP ratio for purposes of receiving investment grade, provided that the government does a very good job on the management of the budget. </div>
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In a less than optimistic scenario, the goal of a maximum of 63% of debt to GDP would only be reached by 2040. </div>
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The findings are similar to the reports issued by the Brazilian Central Bank on the matter. </div>
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Although the findings are not stelar, they are positive. The study shows that the country may stabilize and improve its finances without much effort, just by not increasing expenses. </div>
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The cabinet is very much willing to speed up this kind of good news. I would bet that, before long, Brazil will receive at least an update in its rating. </div>
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You can download the full report (in Portuguese) <a href="https://www.linkedin.com/posts/novuscapital_paper-novus-capital-activity-6604839360607068160-CPyO">here</a>. </div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-83581009891788061282019-11-21T12:35:00.001-08:002019-11-21T12:35:04.957-08:00Advogado Internacional: Contratos de aluguel de garantia bancária - BG e SBLC. Os "collateral transfer agreements"<a href="https://adlerweb.blogspot.com/2019/11/contratos-de-aluguel-de-garantia.html">Advogado Internacional: Contratos de aluguel de garantia bancária - BG e SBLC. Os "collateral transfer agreements"</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-70257884885343782432019-10-21T15:32:00.001-07:002019-10-21T15:32:15.598-07:00OPENING A BANK OR FINTECH IN BRAZIL IS CHEAP AND EASY NOW. HERE IS THE PROCEDURE.<a href="https://adler.net.br/en/178-2/">OPENING A BANK OR FINTECH IN BRAZIL IS CHEAP AND EASY NOW. HERE IS THE PROCEDURE.</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-77952118624818247942019-09-29T17:21:00.001-07:002019-09-29T17:21:38.013-07:00Brazil eases restrictions to foreign investment in the banking industry<a href="https://adler.net.br/en/brazil-eases-restrictions-to-foreign-investment-in-the-banking-industry/">Brazil eases restrictions to foreign investment in the banking industry</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-21705421201830793902019-09-02T07:30:00.001-07:002019-09-02T07:30:15.316-07:00FINDING INFORMATION ABOUT YOUR JV PARTNER IN BRAZIL<a href="https://adler.net.br/en/finding-information-about-your-jv-partner-in-brazil/">FINDING INFORMATION ABOUT YOUR JV PARTNER IN BRAZIL</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-5104026007006135992019-08-15T18:58:00.001-07:002019-08-15T18:58:33.963-07:00Mandatory representative in Brazil – nuissance or safeguard?<a href="https://adler.net.br/en/?p=161&preview=true">Mandatory representative in Brazil – nuissance or safeguard?</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-42483508687250517692019-08-14T20:23:00.001-07:002019-08-14T20:23:13.584-07:00Tax Information Exchange Agreement with Jersey (the Bailiwick of Jersey)<a href="https://adler.net.br/en/tax-information-exchange-agreement-with-jersey-the-bailiwick-of-jersey/">Tax Information Exchange Agreement with Jersey (the Bailiwick of Jersey)</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-23438318678217740872019-05-31T08:36:00.001-07:002019-05-31T08:36:16.770-07:00SWISS-BRAZILIAN TAX INFORMATION EXCHANGE AGREEMENT ENTERS INTO FORCE IN BRAZIL<a href="https://adler.net.br/en/swiss-brazilian-tax-information-exchange-agreement-enters-into-force-in-brazil/">SWISS-BRAZILIAN TAX INFORMATION EXCHANGE AGREEMENT ENTERS INTO FORCE IN BRAZIL</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-80052518396653085842019-05-30T07:48:00.003-07:002019-05-30T07:48:15.712-07:00NON-RESIDENTS INDIVIDUALS DO NOT PAY INCOME TAX ON GAINS FROM BRAZILIAN REAL ESTATE FUNDS<a href="https://adler.net.br/en/non-residents-individuals-do-not-pay-income-tax-on-gains-from-brazilian-real-estate-funds/">NON-RESIDENTS INDIVIDUALS DO NOT PAY INCOME TAX ON GAINS FROM BRAZILIAN REAL ESTATE FUNDS</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-39662684361971134942019-05-30T07:48:00.001-07:002019-05-30T07:48:01.035-07:00HOW TO SET UP A BITCOIN ARBITRAGE BUSINESS IN BRAZIL<a href="https://adler.net.br/en/how-to-set-up-a-bitcoin-arbitrage-business-in-brazil/">HOW TO SET UP A BITCOIN ARBITRAGE BUSINESS IN BRAZIL</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-2039685036982448262019-05-22T07:28:00.001-07:002019-05-22T07:28:40.059-07:00Can foreign individuals own mining companies in Brazil?<a href="https://adler.net.br/can-foreign-individuals-own-mining-companies-in-brazil/">Can foreign individuals own mining companies in Brazil?</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-18537884109197543032019-05-16T08:49:00.001-07:002019-05-16T08:49:38.902-07:00Don’t leave bank accounts behind in Brazil, unless you set them straight<a href="https://adler.net.br/dont-leave-bank-accounts-behind-in-brazil-unless-you-set-them-straight/">Don’t leave bank accounts behind in Brazil, unless you set them straight</a>Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-37144487322801244532019-03-14T11:08:00.000-07:002019-03-14T11:08:02.757-07:00People purchasing software via credit card also pay withholding tax<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-family: inherit;">A reader asked me interesting questions about the taxation of software licenses sold to Brazilian individuals (end customers). </span><br />
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<span style="font-family: inherit;">He linked me to this article about problems foreign companies face to invoice Brazilian customers. </span><br />
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<span style="background-color: white;"><span style="font-family: inherit; font-size: large;"><a href="https://medium.com/@seudantas/selling-through-a-subscription-model-in-brazil-e65fadab8d02">Selling through a subscription model in Brazil</a>. </span></span></div>
<span style="background-color: white;"><span style="font-family: inherit;"><br /></span></span>
<span style="background-color: white;"><span style="font-family: inherit;">The article is very good in laying down a practical business perspective of the problem. </span></span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">His questions to me was: <b>"<span style="background-color: white;">is there realy a withholding tax when you send a normal invoice or get a payment via credit card, made by an individual"?</span></b></span><br />
<span style="background-color: white;"><span style="font-family: inherit;"><br /></span></span>
<span style="background-color: white;"><span style="font-family: inherit;">Apparently, his accountants thought it was very odd that a country would limit its online sales in such way. </span></span><br />
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<span style="font-family: inherit;">Here is my answer: </span><br />
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<span style="font-family: inherit;"><i>The withholding income tax works the same for companies and individuals, for the greater part. </i></span></div>
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<span style="font-family: inherit;"><i><br /></i></span></div>
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<span style="font-family: inherit;"><i>In short, withholding tax is due even when payments are made via credit card. However, there is little government oversight so most customers just don't bother to pay it. </i></span></div>
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<span style="font-family: inherit;"><i><br /></i></span></div>
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<span style="font-family: inherit;"><i>But, if you start selling to hundreds or thousands of customers in Brazil, the local bank, credit card company or payment gateway will probably start asking questions and will try to make you responsible for collectint the income tax. </i></span></div>
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<span style="font-family: inherit;"><i><br /></i></span></div>
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<span style="font-family: inherit;"><i>Also, you won't be able to sell to corporate clients in Brazil, who simply cannot dodge the taxation. </i></span></div>
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<span style="font-family: inherit;"><i><br /></i></span></div>
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<span style="font-family: inherit;"><i>The usual solutions are: </i></span></div>
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<span style="font-family: inherit;"><i><br /></i></span></div>
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<span style="font-family: inherit;"><i>a) sale of a master license to your distributor in Brazil, who will then resell it;</i></span></div>
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<span style="font-family: inherit;"><i>b) incorporate in Brazil"</i><br />-------------------------<br />You may find more information about this topic in this post:</span><br /><div style="text-align: right;">
<a href="http://brazilianlawblog.blogspot.com/2014/07/reduction-in-brazilian-taxation-of.html">0% withholding tax on services - if you are from the right country</a></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-31670482627896728572019-03-12T20:12:00.001-07:002019-03-12T20:19:38.302-07:00New Brazilian international trade policy - We want to export soy and iron ore but won't sell our souls<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqR0XAcodxSVo5CysNCczJOgiGCT9NF3aK3g2GO_dIi04jJFqmZbBa7C278U0EBMA84o9s3NnPDTa4xvTwuF07U0ukkb-orl1-YhGED-eCcDr5FwcgVZo_GTrSIHaGJPOqdfwYDd9YOHA/s1600/ernesto+araujo.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="404" data-original-width="613" height="209" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqR0XAcodxSVo5CysNCczJOgiGCT9NF3aK3g2GO_dIi04jJFqmZbBa7C278U0EBMA84o9s3NnPDTa4xvTwuF07U0ukkb-orl1-YhGED-eCcDr5FwcgVZo_GTrSIHaGJPOqdfwYDd9YOHA/s1600/ernesto+araujo.png" width="320" /></a>Mr. Ernesto Araujo, the current Minister for Foreign Affairs, has given us some insights on what to expect of Brazil's future trade policy. </div>
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During a public lecture to a class of new ambassadors Mr. Araujo has stated that <b>"We want to export soy and iron ore but won't sell our souls for that".</b></div>
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Although dramatic (he is very poetic is his speeches), the phrase is a good condensation of the main points of the new policy. </div>
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That is what I can infer from what Mr. Araujo said in his lecture:</div>
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a) Brazil will probably try to atract other bidders for big public tenders, such a hydroelectric and railway projects. So far, Chinese investments in these areas has been predominant;</div>
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b) Brazil will NOT tax exports to China or impose export quotas; but it will try to make the market lesse dependant on Chinese demand;</div>
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c) as discussed in my <a href="https://brazilianlawblog.blogspot.com/2018/10/bolsonaro-presidency-and-foreign.html">article about Bolsonaro's plans</a>, Brazil will probably tighten the enforcement of restrictions to the purchase of rural land by foreigners;</div>
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d) the Minister alluded to the fact that commerce with China and other socialist/communist nations did not bring as much economic development as expected by the people, or promissed by the previous administrations. This may be interpreted as a pivot towards the US and other countries with freer economies;</div>
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e) his comments on the harsh reality of international commerce and international competition seem to be a hint towards Bolsonaro's government plan which clearly stated the objectives of reducing import tariffs and incentivizing high-tech industries. </div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-6760586983236841860.post-24248633110166039502018-11-22T09:18:00.000-08:002018-11-22T09:18:00.947-08:00Compra de apartamentos en Brasil - CPF (identificación fiscal)<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: inherit;">Cualquier persona que planee comprar bienes raíces en Brasil debe obtener un número de inscripción de impuestos llamado CPF (Cadastro de Pessoas Físicas).</span></div>
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<span style="font-family: inherit;"><br /></span></div>
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<span style="font-family: inherit;">El CPF es como un número de seguridad social. Se requiere para hacer cualquier cosa en Brasil. Uno no puede abrir una cuenta bancaria o comprar un automóvil sin tenerlo</span></div>
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<span style="font-family: inherit;"><br /></span></div>
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<span style="font-family: inherit;">Cualquier extranjero puede obtener un CPF, de una de las dos maneras siguientes:</span></div>
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<span style="font-family: inherit;"><br /></span></div>
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<span style="font-family: inherit;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: inherit;">1. Durante una visita a Brasil, pagando una tarifa barata en la oficina de correos y luego yendo a una de las oficinas del Servicio de Impuestos.</span></div>
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<span style="font-family: inherit;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: inherit;">2. En el extranjero, llenando un formulario en el sitio web del Servicio de Ingresos y luego visitando el consulado más cercano. Dependiendo del país, una oportunidad puede estar disponible de inmediato. En los países donde la demanda de servicios es alta, es mejor prepararse para esperar hasta 30 días.</span></div>
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<span style="font-family: inherit;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: inherit;">En cualquier caso, necesitará un documento que contenga el nombre de su madre. Podría ser su pasaporte, o su identificación, etc.</span></div>
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<span style="font-family: inherit;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: inherit;">El CPF es una cadena de números. Solía venir como una tarjeta de plástico azul, como esta. Pero dejaron de imprimirlos para los no residentes. Ahora solo te dan los números.</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRhrSqtztrToExd9xFo3KQMKNfl1_un-S59kJoxn7exNgPAFzuiy6HuDlM-4BDikOH5S8lulTliZClxH20-lJAuBjt8-CZg89rh4tptYa5D9SauJpj7zfIrzCB2UcRCZGwgMlJvSvrBSg/s1600/cpf.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit;"><img border="0" data-original-height="250" data-original-width="398" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRhrSqtztrToExd9xFo3KQMKNfl1_un-S59kJoxn7exNgPAFzuiy6HuDlM-4BDikOH5S8lulTliZClxH20-lJAuBjt8-CZg89rh4tptYa5D9SauJpj7zfIrzCB2UcRCZGwgMlJvSvrBSg/s320/cpf.jpg" width="320" /></span></a></div>
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<span style="font-family: inherit;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-family: inherit;">Una vez que se inserte el nuevo CPF en el sistema del Servicio de Impuestos, el CPF estará disponible para cualquier agencia pública en Brasil, incluidos los departamentos de registro de bienes raíces (cartórios).</span></div>
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<span style="font-family: inherit;"><br /></span></div>
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<span style="font-family: inherit;"><br /></span></div>
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<span style="font-family: inherit;">También estará disponible para consulta por parte de los bancos y otras entidades financieras.</span></div>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-6760586983236841860.post-68552381819385565782018-11-22T08:57:00.002-08:002018-11-22T08:57:39.230-08:00Purchasing apartments in Brazil – CPF (tax number)<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="line-height: 107%;"><span style="font-family: inherit;">Anyone who plans to purchase real estate in Brazil
must obtain a tax enrollment number called CPF (Cadastro de Pessoas Físicas).<o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="line-height: 107%;"><span style="font-family: inherit;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="line-height: 107%;"><span style="font-family: inherit;">The CPF is like a social security number. It is
required for doing anything in Brazil. You can’t open a bank account or buy a
car without having one. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="line-height: 107%;"><span style="font-family: inherit;"><br /></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="line-height: 107%;"><span style="font-family: inherit;">Any foreigner can obtain a CPF, in one of two ways: <o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="line-height: 107%; text-indent: -18pt;"><span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"><span style="font-family: inherit;"><br /></span></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="line-height: 107%; text-indent: -18pt;"><span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"><span style="font-family: inherit;"><br /></span></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
</div>
<ol>
<li><span style="font-family: inherit;"><span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span><span lang="EN-US" style="line-height: 107%; text-indent: -18pt;">During a visit to Brazil, by paying a cheap fee in the
post office and then going to one of the offices of the Revenue Service. Usually,
no scheduling is necessary. One can just show up.</span></span></li>
<li><span style="font-family: inherit;">Abroad, by filling up a form in the Revenue Service
website and then visiting the nearest consulate. Depending on the country, a
times slot may be available immediately. In the busies countries, however, you
should prepare to wait up to 30 days. <span style="text-indent: -18pt;"> </span></span></li>
</ol>
<br />
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="line-height: 107%;"><span style="font-family: inherit;">In either case, you will need a document that <u>contains
the name of your mother</u>. Could be your passport, or your ID, etc. <o:p></o:p></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span lang="EN-US" style="line-height: 107%;"><span style="font-family: inherit;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: inherit;"><span lang="EN-US" style="color: #222222;">The CPF is a
string of numbers. </span><span style="color: #222222;">It used
to come as a neat blue plastic card, like this one. But they stopped printing them
for non-residents. Now they only give you the numbers. </span></span></div>
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<span style="color: #222222;"><span style="font-family: inherit;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkuO24YUIWvuV7yu03uDuLoqJxPtOVh77Z0WbFTHEfMBtEE7c4Jwv3gO4UFoXcC-xLhcuAJOHvdbDeWN3Sf12C0TFCTw9e0NLv0h-fQ5IZnJoNpxErlunVX7ADyHn3Ndwi60kPhFke2AI/s1600/cpf.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: inherit;"><img border="0" data-original-height="250" data-original-width="398" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkuO24YUIWvuV7yu03uDuLoqJxPtOVh77Z0WbFTHEfMBtEE7c4Jwv3gO4UFoXcC-xLhcuAJOHvdbDeWN3Sf12C0TFCTw9e0NLv0h-fQ5IZnJoNpxErlunVX7ADyHn3Ndwi60kPhFke2AI/s320/cpf.jpg" width="320" /></span></a></div>
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<span style="color: #222222;"><span style="font-family: inherit;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="color: #222222;"><span style="font-family: inherit;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="color: #222222;"><span style="font-family: inherit;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US" style="color: #222222;"><span style="font-family: inherit;">Once it is inserted in the Revenue Service system, it will be available for any public agency in Brazil, including real estate registry departments (cartórios).<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: inherit;"><span lang="EN-US" style="color: #222222;"></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span lang="EN-US" style="color: #222222;"><span style="font-family: inherit;">It will also be available for consultation by banks and credit rating agencies.</span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span style="color: #222222;"><br /></span></div>
<h4 style="background-color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal; margin: 0.75em 0px 0px; position: relative; text-align: left;">
<div style="text-align: right;">
<span style="color: #222222; font-weight: 400;"><br /></span></div>
<span style="color: #222222; font-family: inherit; font-weight: normal;"><div style="text-align: right;">
<span style="font-family: inherit;">You may also enjoy reading: </span></div>
</span><div style="font-weight: normal; text-align: right;">
<a href="http://brazilianlawblog.blogspot.com/2013/06/opening-bank-account-for-non-resident.html"><span style="font-family: inherit;">Opening a Brazilian Bank account for non-residents</span></a></div>
<div style="font-weight: normal; text-align: right;">
<a href="http://brazilianlawblog.blogspot.com/2013/09/how-to-obtain-cpf.html" style="font-weight: normal;"></a><a href="http://brazilianlawblog.blogspot.com/2013/09/how-to-obtain-cpf.html"><span style="font-family: inherit;">How to obtain a CPF (Brazilian Taxpayer registry)</span></a></div>
</h4>
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</div>
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<span lang="EN-US" style="color: #222222; font-family: "Arial",sans-serif; font-size: 12.0pt; mso-ansi-language: EN-US; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: PT-BR;"><br /></span></div>
<div style="text-align: right;">
<br /></div>
</div>
Unknownnoreply@blogger.com34tag:blogger.com,1999:blog-6760586983236841860.post-77836945452283155322018-10-25T13:33:00.001-07:002018-10-25T13:35:02.600-07:00Amazon's mining treasure at stake as Bolsonaro leads Brazil vote | MINING.com<div dir="ltr" style="text-align: left;" trbidi="on">
<span style="font-size: large;">This article actually confirms my latest predictions about a future Bolsonaro presidency.</span><br />
<br />
<br />
<br />
<a href="http://www.mining.com/web/amazons-mining-treasure-stake-bolsonaro-leads-brazil-vote-2/">Amazon's mining treasure at stake as Bolsonaro leads Brazil vote | MINING.com</a></div>
Unknownnoreply@blogger.com4tag:blogger.com,1999:blog-6760586983236841860.post-13459863553149203152018-10-19T10:32:00.001-07:002020-01-06T20:19:31.506-08:00Bolsonaro presidency and foreign investors<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<br />
UPDATE ON 2020: I have reviewed this post. You may check the critique at<br />
<a href="https://adler.net.br/en/bolsonaros-first-year-i-was-wrong-about-china-but-right-about-the-banking-industry/">https://adler.net.br/en/bolsonaros-first-year-i-was-wrong-about-china-but-right-about-the-banking-industry/</a><br />
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5fNF19joZUDJP_9Lg7AvI0Uf6Ui3oNoopxuvlQjWPaKGzziUx2swiJWdPpbTRguSuyZR5Vjbm2a6b_s6zPoYa27fqY5Xb357QxYMShcs2jrlnQwC7wEEu1wLR-llpPmqyZIMKmrKY96A/s1600/Bolsonaro+and+Paulo+guedes.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" data-original-height="450" data-original-width="818" height="176" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5fNF19joZUDJP_9Lg7AvI0Uf6Ui3oNoopxuvlQjWPaKGzziUx2swiJWdPpbTRguSuyZR5Vjbm2a6b_s6zPoYa27fqY5Xb357QxYMShcs2jrlnQwC7wEEu1wLR-llpPmqyZIMKmrKY96A/s320/Bolsonaro+and+Paulo+guedes.png" width="320" /></a></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The election of Jair
Bolsonaro as the next Brazilian president is very probable. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">In this post, I will
describe his base of support and the official documents of his campaign and
present some conclusions on how his government will affect foreign investors.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The initial two thirds
of the post will review the scenario and the candidate’s proposals. My personal
views and forecast follow in the end. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l1 level1 lfo6; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span>SCENARIO<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo3; text-align: justify; text-indent: 0cm;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">I.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">THE MEN BEHIND BOLSONARO’s PLAN FOR THE ECONOMY<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Before ultimately
choosing Paulo Guedes as his ministry for economic affairs (he is in the right of the picture) Bolsonaro had a political affair with Mr. Adolfo Sachsida. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Sachsida is a PHD in
economics, with a post-doc degree from the University of Alabama. He has kept a
blog and a YouTube channel for many years, which he used to defend that Brazil
desperately needed more economic freedom. He may be called a classic liberal, in
the sense of an advocate for small government and free enterprise (close to a
libertarian, definitely not a liberal as in “left-wing”).<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Ultimately, Bolsonaro
chose Mr. Paulo Guedes, who is also an economist with clear free market
inclination. He has a PHD from the University of Chicago and is the founder of
a think tank dedicated to free enterprise, called Instituto Millenium, through
which he has published many articles criticizing Brazilian excessive
bureaucracy, taxes and government intrusion. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Moreover, Mr. Paulo
Guedes is a well-know player in the market. He has founded Ibmec, a very
successful college that teaches business and economics. He has also worked in
the financial market and is one of the founders of Banco Pactual bank. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">In short, Bolsonaro has
been building relationships with advisors who are unquestionably pro-business. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; mso-list: l7 level1 lfo3; text-align: justify; text-indent: 0cm;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">II.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">BUSINESS GROUPS BACKING BOLSONARO<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Undeniably, Bolsonaro
enjoys a very high popular approval. This is his real strength. The industries mentioned
here should not be understood as hidden puppeteers running the show, but only
as lateral supporters. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; mso-list: l8 level1 lfo4; text-align: justify; text-indent: 0cm;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">a)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Agriculture<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Agribusiness has been
an early adopter of Bolsonaro. This has much to do with the previous
government’s support for land expropriations, invasion of land by guerrilla
movements and severe environmental restrictions. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; mso-list: l8 level1 lfo4; text-align: justify; text-indent: 0cm;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">b)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Banks <o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Banks and other
financial institutions were, to some extent, comfortable under the worker’s
party (PT). The economy had good periods and credit expansion was incentivized.
Moreover, the government’s increase in expenses relied heavily on internal
loans. Business was good. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">In the last 04 years, the
severe economic recession damaged the relationship between PT and banks. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Geraldo Alckmin, the
candidate from PSDB party, was supposed to be the candidate of the financial
sector. His party is basically favorable to increase in government expenses,
although not so radically anti-business as PT. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">However, Alckmin’s
performance in the pools (and eventually in the actual first round of voting)
was dismal. As a result, the financial industry ended up favoring Bolsonaro,
who is not n favor of increasing government indebtedness, but who at least offers
a pro-business agenda. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; mso-list: l8 level1 lfo4; text-align: justify; text-indent: 0cm;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">c)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Industrial sector<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Support from
organizations representing the industrial sector has never been enthusiastic. Nevertheless,
Bolsonaro was the only candidate to firmly promise to uphold and perfect the
labor laws reforms approved recently. So, they joined him. <o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">III.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">OTHER SOURCES OF SUPPORT<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Some of the non-business
entities that support the candidate are the state’s Police Forces, some sector
of the Military, most Protestant churches and a relatively small part of the
Catholic Church. There have been hints of support from the Freemasonry.<o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-spacerun: yes;"> </span>ANALYSIS OF THE OFFICIAL PROGRAM<o:p></o:p></span></b></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">I.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">OPENING<o:p></o:p></span></b></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The campaign program
opens with a bold statement in favor of private property. <o:p></o:p></span></div>
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<br /></div>
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<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">People must be free to
make choices. The material fruits of those choices, if generated honestly in a
free-enterprise economy, have a name: PRIVATE PROPERTY. (…) your car, you land
are fruit of your work (…). They are sacred and can’t be stolen, invaded or
expropriated. <o:p></o:p></span></i></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">(the expression “private property” is in all caps in the document)<o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The program indicates
that the rules providing for equal treatment of foreigners and Brazilians will
be maintained.<o:p></o:p></span></div>
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<br /></div>
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<i style="mso-bidi-font-style: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Any person in the
national territory, even if he is not a Brazilian citizen, has inalienable
rights as a human being, and has the duty to obey the laws of Brazil.<o:p></o:p></span></i></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">II.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">MAIN ECONOMIC PROBLEMS DIAGNOSED IN THE PROGRAM<o:p></o:p></span></b></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The main issues that
the new administration wishes to address are:<o:p></o:p></span></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; mso-list: l5 level1 lfo1; text-align: justify; text-indent: 0cm;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">a)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Insufficient</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">and</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"> </span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">deteriorated</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">
</span></b><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">infrastructure</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , sans-serif; font-size: 12.0pt;">;<o:p></o:p></span></b></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">b)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Health and education nearing collapse;<o:p></o:p></span></b></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">c)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">High unemployment, as official statistics count 13 million people
without work;<o:p></o:p></span></b></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">d)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><u><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Explosive deficit in Federal budget.<o:p></o:p></span></u></b></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">This last topic receives
considerable attention. The primary deficit (before payment of interests) is
described as 139 billion BRL (37,5 billion USD). The team promises to reduce it
rapidly, by reducing expenses, mainly by removing political appointees from the
Federal structure. <o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The nominal deficit
(which includes expenses with the payment of interests), amounting to 489,3
billion BRL (132,2 billion USD), is described as a great reason for concern.
The deficit in the public pension system (around 77 billion USD each year) is
also included in the list of problems. <o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">III.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">STRUCTURAL PROPOSALS<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">a)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Privatization programs<o:p></o:p></span></b></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Aggressive
privatization of state-owned companies. <o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">b)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Further relaxation of labor
laws<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">c)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Changes in the forecast
of expenses in the yearly budget<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The
government will adopt zero-based budgeting, as an effort to trim as much
unnecessary expenses as possible. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l4 level1 lfo7; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">d)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Blending and reduction
of ministries <o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The
minister of economic affairs will probably absorb several other ministries,
such as the Treasure, Planning, Industry, etc.<span style="mso-spacerun: yes;">
</span><o:p></o:p></span></div>
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<br /></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">IV.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">SPECIFIC PROPOSALS <o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo8; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">a)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Reduction of import
tariffs and trade agreements<o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">There is a proposal to
reduce import taxes, eliminate non-tariff barriers and to enter into new
bilateral trade agreements. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The program mentions
incentives to the importation of high-tech machines to enhance the adoption of
“industry 4.0” and the success rate of startups and scale-ups. <o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">b)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Reduction of daily
bureaucracy and tightening of compliance <o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The project proposed by
the campaign team is twofold. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">One promise is to
reduce daily bureaucracy, the infamous need for stamps and certified copies
that is so common in Brazil. There is a promise to unify the procedures for
incorporation and liquidation of companies. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Another ramification of
this topic is the promise to crack down on corruption and tax evasion. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo8; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">c)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Tax reforms<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The projects for this
area are:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.55pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l9 level1 lfo2; text-align: justify; text-indent: -14.15pt;">
<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; font-size: 12.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Progressive reduction
of overall tax burden;<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.55pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l9 level1 lfo2; text-align: justify; text-indent: -14.15pt;">
<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; font-size: 12.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Consolidation of
federal taxes in one, or very few;<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 42.55pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l9 level1 lfo2; text-align: justify; text-indent: -14.15pt;">
<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; font-size: 12.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Reduction of Federal
tax income and increase in the municipality tax income;<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Note:
Concentration of tax revenue at the Federal level is a huge problem in Brazil,
since it leaves municipalities and states in a very disadvantageous position
when negotiating with the Federal government. This may require constitutional reform.
<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 49.65pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l9 level1 lfo2; text-align: justify; text-indent: -21.3pt;">
<!--[if !supportLists]--><span lang="EN-US" style="font-family: "symbol"; font-size: 12.0pt;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Institution of a
general system of negative income tax, to replace the limited system of Federal
assistance<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Note: A system of this
kind would reduce the leverage of the Worker’s Party, since direct handling of
monetary benefits is a big campaigning point for PT. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo8; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">d)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Social security reform<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">For social security,
the project is to create a parallel system of individual contribution and to
reduce the mandatory withholding of social security tax in the paychecks. The
plan is to progressively reduce the current system, which is dependent on complementary
funding from taxes, and to shift as many people as possible to the new
individual contribution system. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo8; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">e)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Agribusiness<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Bolsonaro’s Project for
the area include the blending of the ministries for agriculture and environment
protection. Ministries that are connected to agribusiness, such as fishing will
also be agglutinated and subject to centralized policies. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo8; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">f)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Energy<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Overall, reduction and
simplification of regulation. The program brings heavy criticism of former
president Dilma’s policy of mandatory review of rules for the electricity
sector.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">There is mention of
putting an end to the rules demanding minimum percentage of local content for
Petrobras’ purchases.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Also, the program
mentions a reform in the rules for distribution of natural gas.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 248.85pt; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-tab-count: 1;"> </span><o:p></o:p></span></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l2 level1 lfo8; tab-stops: 248.85pt; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">g)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Infrastructure<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 248.85pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 248.85pt; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Great
emphasis on the need for renovation of railroads, ports and airports. <span style="mso-spacerun: yes;"> </span>The cabinet will try to attract private
investment for these areas.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 248.85pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l1 level1 lfo6; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">MY PERSONAL OPINION AND
FORECAST <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Bolsonaro’s assessment
of the Brazilian situation is very accurate. And the solutions are on point. I
believe that, in economic terms, his government will be very successful. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-add-space: auto; mso-list: l0 level1 lfo10; text-align: justify; text-indent: -36.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt; text-transform: uppercase;"><span style="mso-list: Ignore;">I.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt; text-transform: uppercase;">my forecast for LEGAL AND ECONOMIC
DEVELOPMENTS <o:p></o:p></span></b></div>
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<br /></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo9; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">a)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Restrictions to the purchase
of rural land by Chinese investors<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Since
the Lula presidency, Brazilian law has been tweaked to make it harder for
foreigners to purchase rural land. Many lawyers have studied the issue and
concluded that the limitations were unconstitutional. But the fact is that
severe restrictions are already in place.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Bolsonaro agrees with such restrictions and has openly criticized the purchase of large areas by foreign investors, especially
Chinese (but also Arabs and others). <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">His
administration will probably apply measures to make it harder for foreign
investors to purchase property titles. Those measures could mean anything from harder
administrative control over deeds to an actual constitutional reform. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The
practical impact of these restrictions for daily business should be low. The
market has already adapted to the current restrictions, by shifting from land
purchase to contracts for sale of future crops, joint-ventures and similar
arrangements. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo9; text-align: justify; text-indent: -18.0pt;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">b)<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Reduction of red tape
in environmental licensing for mining and agricultural projects<o:p></o:p></span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Bolsonaro has promised
to ease environmental restrictions. But, more than waiving legal requirements,
which would require legal changes subject to congress, his administration will
probably restructure the environmental law enforcement agencies and the
procedures for acquiring licenses. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Environmental licensing
is partially managed by states and partially managed by the Federal Government.
The productive sector has accused the agencies involved in the process of being
slow, ideologically biases and, at times, corrupt. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">It is an absolute certainty
that they are slow. Licensing takes years. <o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">I must note that
similar programs to reduce bureaucracy have been adopted by the Temer
government in several specific areas, such as in the customs, with very good
and fast results.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo9; text-align: justify; text-indent: 0cm;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">c)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Mercosul will lose prestige<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><br /></span></b>
<span style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12pt;">Bilateral agreements will be favoured. </span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; mso-list: l3 level1 lfo9; text-align: justify; text-indent: 0cm;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">d)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">More demanding tax and legal compliance<o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin: 0cm; mso-add-space: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">One can anticipate stricter
tax penalties and enforcement of anti-corruption controls.<o:p></o:p></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">e)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Petrobras will not be privatized, yet<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Bolsonaro’s
cabinet should include several military advisors, who will act as a counter-balance
to Mr. Guedes’ libertarian views. Companies that are deemed essential to
national security, such as the nuclear energy companies and Petrobras, will
probably remain under Federal control.<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">f)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Legalization of ownership of guns for personal use<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">This
is a huge campaigning point. Brazil allows the ownership of guns, in theory,
but administrative and importation restrictions make them available only to the
upper middle-class or to people with connections. <o:p></o:p></span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The
stocks of Forjas Taurus, the main arms manufacturer in Brazil, have increased in
value significantly during 2018, in anticipation of a surge in sales.<o:p></o:p></span></div>
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<br /></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">g)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Purchase of military and defense equipment<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The
military and the state police forces will receive special attention. The arms
industry, including not only pistols and offensive equipment, but also intelligence
technology and vehicles, should keep an eye in Brazil. <o:p></o:p></span></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">h)<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Banks and the financial market<o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">My
clients who work in the financial market are very excited and expect an increase
in foreign investment, mergers & acquisitions and in the general economic activity.
<o:p></o:p></span></div>
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<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;"><span style="mso-list: Ignore;">II.<span style="font: 7.0pt "Times New Roman";">
</span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">ADDRESSING CRITICS <o:p></o:p></span></b></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">As
I’m writing this article, about 10 days from the 2<sup>nd</sup> round of the
election, there are many manifestos, declarations and articles, mostly from
left-wing thinkers, that condemn Bolsonaro’s economic plans, or that suggest
that, despite his plans, his government will turn to dictatorship and eventually
ruin Brazilian institutions and international credibility. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">There
are too many of them. But names such as Piketty and media outlets such as The
Economist will give the reader an idea of what I’m talking about. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Plainly
speaking, I deem this kind of criticism utter nonsense. I have read all the
material I could find and perceived that there has been very little analysis of
Bolsonaro’s actual plans.<o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">Most
criticism is based on ideology or is, simply put, propaganda. There is no
analysis of his actual cabinet members, political base or economic policies. <o:p></o:p></span></div>
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<span lang="EN-US" style="font-family: "arial" , sans-serif; font-size: 12.0pt;">The
people who studied the plan and that have skin in the game, such as financial
firms, stock brokers and Brazilian banks, approved the proposals and do react positively
each time a pool shows that the chances of the candidate are increasing. <o:p></o:p></span></div>
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Unknownnoreply@blogger.com3tag:blogger.com,1999:blog-6760586983236841860.post-31609180199945059162018-08-21T12:08:00.001-07:002018-08-21T12:08:06.240-07:00Banco Bradesco Investors Seek Cert. In Bribery Suit - Law360<a href="https://www.law360.com/banking/articles/1074788/banco-bradesco-investors-seek-cert-in-bribery-suit">Banco Bradesco Investors Seek Cert. In Bribery Suit - Law360</a>Unknownnoreply@blogger.com3tag:blogger.com,1999:blog-6760586983236841860.post-67786456941231207842018-07-30T04:52:00.001-07:002018-07-30T04:56:03.901-07:00Evento OAB/MG sobre Internacionalização de Empresas<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
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<span style="font-family: inherit;">A Comissão de Direito
Internacional da OAB-MG, da qual faço parte, se mobilizou para fazer um evento sobre
aspectos práticos do Direito Internacional.<o:p></o:p></span></div>
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<span style="font-family: inherit;"><br /></span></div>
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<span style="font-family: inherit;">Todo mundo associa Direito
Internacional a temas um pouco vagos, de fim de noticiário. Alguma coisa
envolvendo a ONU, uma guerra num canto distante da Europa já beirando a Rússia,
etc. <o:p></o:p></span></div>
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<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">Mas o Direito Internacional,
hoje, é base para solução de problemas muito urgentes. As pessoas que saem (fogem)
do Brasil precisam do Direito International. Da mesma forma, as empresas de
tecnologia que buscam abrir sede em Miami e qualquer empresa que faça venda
pela internet para clientes no exterior.<o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">Os temas do evento são muito
chamativos e os palestrantes, a maioria meus colegas, são excelentes. <o:p></o:p></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: inherit;">Anotem aí. Dia 09 de agosto,
quinta-feira, às 09h da manhã. </span><br />
<span style="font-family: inherit;"><br /></span>
<span style="font-family: inherit;">Eu vou palestrar sobre contratos de câmbio relacionados à internacionalização de empresas.<br /><br />A inscrição é gratuita e pode ser feita pelo <a href="https://www.oabmg.org.br/">site da OAB/MG.</a></span><o:p></o:p></div>
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