trending Market Intelligence /marketintelligence/en/news-insights/trending/wKRtNoAYK6OD_SynhWddEA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Bolsonaro spurs confusion with financial income tax hike announcement

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


Bolsonaro spurs confusion with financial income tax hike announcement

Brazil's new president, Jair Bolsonaro, on Jan. 4 said that his government would look to raise the country's finance operations tax, known locally as IOF, though the country's tax agency later disputed such an increase.

Earlier in the day, Bolsonaro said he had signed a decree that prompted the tax hike on finance operations in order to make up for an increase in expenditures related to an extension of fiscal benefits.

However, according to local media reports, tax agency secretary Marcos Cintra said the new president signed no such decree and argued that the extension of such incentives would not generate added expenses.

"There must have been some confusion, he did not sign anything," Cintra said according to a Folha de S.Paulo report.