The Brazilian government has dismissed speculation that it is planning to reinstate a financial transactions tax which levies a fee on foreigners investing in local bonds.
Contrary to reports which suggest the government might be trying to reintroduce the tax, the country's Finance Minister, Guido Mantega, said that the so-called IOF tax cannot be justified at present and would send a "negative sign" to investors.
The tax was axed last October in a bid to encourage investments amidst the onset of the global financial downturn.
According to Mr Mantega, since the removal of the tax, capital inflow into the country has been positive - a situation he is keen not to disturb with its reintroduction.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment