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

April 1, 2020, 11:10 PM

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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