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Brazil Will Phase Out Forex Tax As Part of Effort to Join OECD

Jan. 28, 2022, 9:51 PM

Brazil plans to gradually phase out its tax on foreign-exchange transactions as part of its attempt to join the OECD, its Economy Ministry said Friday.

The country’s Tax on Financial Operations on foreign currency, known as IOF, will be eliminated by 2029, the ministry said. The phase-out will begin this year, with the tax on short-term inflows and outflows of foreign funds. Future reductions will cover taxes relating to credit and debit cards, acquisitions of foreign currency in cash in Brazil, and other transactions.

  • The ministry said eliminating the tax will help the country meet the requirements for ...

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