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Brazil Removes Tax On Overseas Share Issuance

by Mike Godfrey, Tax-News.com, New York

01 January 2014


The government of Brazil has decided to eliminate a 1.5 percent tax on companies issuing local shares linked to overseas depositary receipts (DRs), interim Deputy Finance Minister Dyogo Oliviera said on December 24, 2013.

It is hoped that the removal of the tax, which is known as IOF, will do away with a discrepancy between the share price in Brazil and the price of a DR abroad, Oliviera said to reporters.

The tax, which has been in place since November 2009, was implemented to stem the flow of investment to overseas stock exchanges.

The Latin American country has been easing capital controls which were put in place to curb inflows of United States dollars. In June of this year it scrapped its six percent financial transactions tax on foreign investments into fixed-income assets.

TAGS: Finance | tax | investment | stock exchanges | Brazil

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