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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.