BRAZIL FEDERAL REVENUE WILL NO LONGER CHARGE IOF ON EXPORT EXCHANGE

Brazil Federal Revenue Administration will no longer charge the Tax on Financial Transactions (IOF) on foreign exchange transactions related to the entry of export revenues in Brazil. The Official Gazette this week brought a consultation solution to clarify exporters about the incidence of IOF and reformulate understanding made last year. According to the National Confederation of Industry (CNI), at the end of last year, the Revenue began to demand the payment of 0.38% on foreign exchange that entered the country. At the time, the Federal Revenue’s interpretation was that the exemption would be restricted to those who internalized the export appeal on the same day of operation.

Source: Portos e Navios