Brazil Congress approves bill to keep tax incentives for events industry

FILE PHOTO: The Paulista Avenue is seen in Sao Paulo, Brazil April 26, 2024. REUTERS/Amanda Perobelli/File Photo

RIO DE JANEIRO/BRASILIA (Reuters) -Brazil's Senate on Tuesday approved a bill maintaining tax incentives for the meetings and cultural events sector until the end of 2026, which now needs President Luiz Inacio Lula da Silva's approval to become law.

The bill, which had already been approved by the Lower House, sets a total cap of 15 billion reais ($2.89 billion) for post-pandemic tax benefits granted to the event industry through the so-called PERSE program, valid until the end of December, 2026.