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Brazilian FM Announces Tax Hikes

by Mike Godfrey, Tax-News.com, Washington

23 January 2015


The Brazilian Finance Ministry announced on January 19, 2015, that it will raise a number of taxes as part of its efforts to achieve a primary surplus of 1.2 percent of gross domestic product (GDP) in 2015.

The Ministry will hike the rate of the financial transactions tax (IOF) on personal loans to 3 percent from 1.5 percent.

A tax on fuels known as CIDE, the rate for which was cut to zero percent in 2012, will be increased in 90 days. Two other tax hikes on fuels are to be effective immediately, with Brazil adding its name to a long list of countries that have sought to capitalize on falling oil prices with higher tax rates.

Brazil's social security levies, PIS/COFINS, will also be raised, and the rate on imports will rise to 11.75 percent from 9.25 percent.

The measures are intended to raise tax revenues by roughly BRL20.6bn (USD8bn).

TAGS: Finance | tax | gross domestic product (GDP) | tax rates | social security | Brazil | tax reform | Tax | Financial Transactions Tax (FTT)

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