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The latest increases have stretched the tax system to the limit, says Carlos Loureiro, a tax partner at Deloitte.
CNN: Portugal braced for 'fiscal earthquake'
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On Friday, Marcelo Salomon and Guilherme Loureiro, economists at Barclays Capital, said that they expected the issue to work itself late in the second half.
FORBES: Brazil Facing Its Own 'Sub-Prime' Lending Problem
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While demand data flow continues to show robust readings, it will be important to monitor how the recent spike in market volatility will impact private consumption going forward, wrote Guilherme Loureiro, a Brazil analyst for Barclays Capital.
FORBES: Brazil Retail Sales Ignore Slowdown; Inflation Battle Continues
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Mr Loureiro believes the way forward for Portugal is to focus on simplifying its corporate and income tax codes and bringing at least part of the non-taxpaying "black economy", estimated to account for more than 20 per cent of total output, into the system.
CNN: Portugal braced for 'fiscal earthquake'