Brazil Judge Upholds Government’s IOF Tax Hike Decree (2)

(Adds comment from Finance Ministry in fifth bullet; Previous version had corrected figure in fourth bullet following correction from Finance Ministry.)

• Brazilian Supreme Court Justice Alexandre de Moraes upheld most of a government decree that raised taxes on some financial transactions, his decision shows
• Moraes, however, dropped the part of the decree that would charge the so-called IOF tax over supplier financing transactions
  • Taking the scrapped part out of account, Brazil aims to raise 11.55 billion reais this year with the measure, compared with 12 billion reais previously
  • For 2026, expectation is for 27.7 billion reais, compared to 31.2 billion ...