LatinNews Daily - 16 March 2022

In brief: Brazil moves to cut taxes on international transactions

* Brazil’s President Jair Bolsonaro has signed a decree which plans for the staggered reduction to Brazil’s tax on financial operations (IOF) for foreign exchange transactions. The zeroing of the IOF on forex transactions is part of Brazil’s efforts to meet the requirements for joining the Organisation for Economic Co-operation and Development (OECD). According to the government, the IOF on foreign exchange transactions will gradually be reduced from 6.38% now to 0% in 2028. The measure is expected to cost the government R$500m (US$96.8m) next year, and R$7.7bn per year by the time the tax is completely zeroed in 2029. The government has also announced an immediate reduction of the IOF on loans abroad, from 6% to 0%.

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