# Brazil's lower house approves 'historic' tax reform bill

> Brazil's lower house approved a tax reform bill that would merge five levies over eight years. The real strengthened more than 1% against the dollar on the news, and the Bovespa index rose 1.65%.

- Date: 2023-07-07 · published 2023-07-07T12:00:00.000Z
- Category: policy · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/35241-brazil-s-lower-house-approves-historic-tax-reform-bill
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

The reform improves the fiscal outlook and supports the real, which can make Brazilian export commodities cheaper in dollar terms and affect soybean and corn origin pricing.

## Read by commodity

- USDBRL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2024-07-03 | [Lula approves spending cuts to meet Brazil's fiscal framework, says minister \| Reuters](https://feedsoft.ai/events/9451-lula-approves-spending-cuts-to-meet-brazil-s-fiscal-framework-says-minister.md) | -4.8% | -0.2% |
| USDBRL | 2022-10-03 | [Brazil girds for tight runoff vote after Bolsonaro's strong showing \| Reuters](https://feedsoft.ai/events/7986-brazil-girds-for-tight-runoff-vote-after-bolsonaro-s-strong-showing-reuters.md) | -3.4% | -2.9% |
| USDBRL | 2024-10-31 | [Brazilian government reaches agreement on spending cuts](https://feedsoft.ai/events/28083-brazilian-government-reaches-agreement-on-spending-cuts.md) | -1.3% | +3.8% |
| USDBRL | 2024-12-20 | [Markets stabilize as Central Bank acts, House OKs spending review](https://feedsoft.ai/events/27147-markets-stabilize-as-central-bank-acts-house-oks-spending-review.md) | +1.0% | -1.9% |
| USDBRL | 2017-11-28 | [Softer Pension Proposal Leads to Brazilian Stock Slip \| Chief Investment Officer](https://feedsoft.ai/events/11658-softer-pension-proposal-leads-to-brazilian-stock-slip-chief-investment-officer.md) | +0.8% | +2.9% |

## Sources

- reuters.com: https://www.reuters.com/world/americas/brazils-lower-house-approves-tax-reform-bill-first-round-awaits-second-round-2023-07-07/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.