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Brazil Tax Update: Minimum Average Term Further Reduced for Certain Financial Transactions
Brazil makes further amendment to the provisions governing tax on financial operations (Imposto sobre Operações Financeiras – IOF)
Direct loan and bond issuance transactions in the international market will be charged IOF at six percent if such transactions – are contracted from December 5, 2012 and have a minimum average term of up to 360 days. The revised average term will also apply to transactions carried out via simultaneous foreign exchange transactions.
Earlier, all transactions with a minimum average term of up to 720 days were charged IOF at six percent. For settlement of these loan transactions, however, the zero IOF rate will remain the same.
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