SAO PAULO, Aug 25 (Reuters) - A Brazilian ruling party senator who has pushed for higher taxes on bank profits decided on Tuesday to ease terms of her original proposal.
Senator Gleisi Hoffmann of the Workers’ Party proposed in a draft bill that banks, insurers and financial services providers pay a so-called social contribution tax on net income of 20 percent, up from the current 15 percent. Earlier this month she had proposed a rate of 23 percent.
Financial shares rose on the news, with Itaú Unibanco Holding SA, the nation’s largest bank by market value, adding 2 percent.
Reporting by Guillermo Parra-Bernal; Editing by Lisa Shumaker