October 24, 2017 / 8:25 PM / a year ago

Brazil's Temer signs tax renegotiation program into law

Brazil's President Michel Temer attends a ceremony to deliver the Order of Aeronautical Merit medals, in Brasilia, Brazil, October 23, 2017. REUTERS/Ueslei Marcelino

BRASILIA (Reuters) - Brazilian President Michel Temer on Tuesday signed into law a new program for companies to renegotiate their overdue tax bills, providing extra revenue to cover a gaping budget deficit.

The program, known as Refis, has collected 10.9 billion reais ($3.4 billion) in back taxes this year for the Treasury. Earlier this month, the Senate approved greater discounts to taxpayers in the program, depriving the cash-strapped government of about 3 billion reais.

Reporting by Lisandra Paraguassú; Editing by Cynthia Osterman

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