Brazil Eliminates IOF for FIIs

Brazil Eliminates IOF for FIIs

Brazil Equity Economy & Policy Corporate & Sovereign Strategy

Brazil’s government has exempted foreign investors from the IOF tax on purchases of shares in Fundo de Investimento Imobiliario (FII) real estate funds, it says. The move, done with an eye on increasing investment in Brazil’s real estate sector, lowers the tax from the previous 6%. The REIT-like FII class saw a record year in 2012, issuing BRL11.0bn ($5.53bn), compared to BRL7.66bn the year before, according to the CVM. There are 15 transactions in the pipeline now, totaling BRL4.21bn. Performan

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