Brazil Politics: Lawmaker Backs Down on Changes to IOF Tax Plan

The rapporteur of the IOF provisional measure that increases taxes on some financial transactions said he will maintain certain exemptions after heavy lobbying from ruralist lawmakers, an attempt to win approval before the measure expires next week.

Lawmaker Carlos Zarattini, from President Luiz Inacio Lula da Silva’s Workers’ Party, said he will maintain exemptions for real estate credit letters and agribusiness credit letters — known as LCIs and LCAs, respectively — from personal income taxes, according to Folha de S.Paulo.

A committee vote is likely for Tuesday after it was postponed twice this week due to a lack of ...