Brazil Govt Cuts IOF Financial Tax For 90 Days (1)

Tax exemption on financial transactions is temporary and will cost 7b reais, secretary of the Federal Revenue Jose Barroso Tostes Neto said.

• Government also announced the extension of the deadline for submitting the 2019 base year net income report to June 30 from April 30
• Companies will also be allowed to postpone payment of 4 tax contributions for 2 months
• Companies will be allowed to reduce wages by up to 70% for 3 months and suspend contracts and wages for 2 months
  • No worker will receive less than minimum wage
• Program to protect jobs will cost 51b reais

Original Story:
Governo zera IOF em operações de crédito por 90 dias

To contact the translator on this story:
Taís Fuoco in Sao Paulo at tfuoco1@bloomberg.net

To contact the translation editor responsible for this story:
Taís Fuoco at tfuoco1@bloomberg.net;
Rachel Gamarski at rgamarski@bloomberg.net

Reporter on the original story:
Martha Beck in Brasilia at mbeck96@bloomberg.net

Editors responsible for the original story:
Ney Hayashi at ncruz4@bloomberg.net

Taís Fuoco

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