Brazil Extends IOF Tax

Brazil Extends IOF Tax

Brazil Economy & Policy Corporate & Sovereign Strategy

Brazil’s government has extended a 6% tax on foreign loans and bonds issued abroad by Brazilian companies with durations of 5 years, from 3, it says, in the latest move to try to curb a strengthening real. Though most issuers in the bond market seek maturities longer than 5 years, bankers say they are concerned by the constant change in policies.  While Brazilian authorities have been the most activist in the region in terms of direct FX market intervention and adoption of capital controls,

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