On March 3rd, the Brazilian Federal Government increased the IOF rate that is levied upon transfer of monies abroad, from 0.38% to 1.1%.
According to the Brazilian tax authorities, this measure aims to equalize the applicable tax treatment for both the transfer of funds and purchase of foreign currency (transactions in cash). Purchases were already subject to the 1.1.% IOF rate.
The IOF is a federal tax levied over several types of financial, insurance and foreign exchange transactions and in this particular case the increase targets the transfer of funds between Brazilian and foreign bank accounts owned by Brazilian individuals and companies.
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