Brazil: Change of application of IOF
Effective
immediately
the Brazilian Government has published a Decree removing the IOF (Imposto Sobre Operações Financeiras - Financial Operation Tax) from foreign exchange inflows for variable instruments, such as equities.
The 6% IOF on foreign exchange inflow transactions in fixed income securities remains unchanged.
Further information
For further details of the Brazilian market, please refer to the Clearstream Banking1 Creation Link Guide (Brazil).
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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