June 7, 2013
This week’s reduction of the IOF tax on capital inflows to Brazil to 0% from 6% is a result of normalization – and the government is unlikely to raise it again, Joaquim Levy CEO of Bradesco Asset Management told LatinFinance.
“The time of normalization may be approaching,” the former Brazilian government official said. The IOF was a reaction to crisis-fighting measures by US and other foreign governments. Now central banks are recognizing improving growth. Minutes to the recent Copom rates set
Brazil's decision to cut the IOF tax is likely to be a permanent result of changing US monetary policy, said Bradesco Asset Management CEO Joaquim Levy