President Lula announces temporary fuel tax exemptions following inauguration

In Brazil, Reuters reports that shortly following President Lula’s inauguration on Sunday he announced temporary tax exemptions on fuel, and on Monday the national bulletin published a tax exemption on fossil and biodiesel for the next year and one for gasoline and ethanol for the next two months. The tax waiver represents a $9.87 billion hit to the national coffers. Lula has run his campaign and launched his presidency focused on serving “the people” who have been hit hardest.