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Brazil's CARF rejects B3's appeal over goodwill tax dispute

Brazil's tax appeals board, CARF, rejected the appeal of Brazilian stock exchange operator Bolsa Balcão Brasil, formerly known as BM&FBOVESPA SA, regarding under-reported tax obligations tied to the 2008 acquisition of Bovespa Holding SA.

CARF dismissed the appeal of B3, as the bourse is known, against a tax assessment issued by the Brazilian federal revenue service that challenged the amortization of goodwill in 2008 and 2009 resulting from the Bovespa Holding acquisition. The rejection of the appeal means the assessment of the federal revenue service remains in place.

B3 said it will challenge the decision in a Brazilian court after all CARF procedures are concluded. The value of the tax assessment was 1.18 billion Brazilian reais as of Dec. 31, 2016.

B3 is the entity formed from the merger of BM&FBOVESPA SA and Cetip SA – Mercados Organizados.

As of April 4, US$1 was equivalent to 3.12 Brazilian reais.