Brazil’s Finance Minister Fernando Haddad has defended the Government’s decision to impose higher taxes on operators, banks and wealthy individuals, saying the measures are necessary to rebalance the country’s fiscal system.
Haddad dismissed criticism surrounding recent tax changes, including the end of import tax exemptions on purchases under $50, and said he was comfortable with the political backlash the measures have generated.
“I did tax them. I am very happy to be remembered as the only Finance Minister in the last 30 years who taxed offshore structures, closed family funds, tax havens and betting companies,” Haddad said.
“The opposition is right: the BBB taxation (banks, bets and billionaires) moved from paper into reality.”
Haddad argued that the state has a responsibility to mediate economic imbalances between higher-income groups and the wider population, particularly in areas such as healthcare, education and food security.
The comments come as Brazil’s betting sector continues to adjust to a more structured regulatory and tax environment. President Lula has defended higher levies on the industry as a way to fund public policies.
The Ministry of Finance has also come up with initiatives related to problem gambling and consumer protection, such as the national self-exclusion tool.
According to the Ministry of Finance, 25 companies are currently waiting in the federal licensing queue, reflecting both the size of the market and the increased regulatory barriers to entry.
Brazil’s Ministry of Health has recently launched a Care Guide for People with Gambling-Related Problems
