Brazil has published Decree No. 10.997 of 15 March 2022, which provides for the phasing out of the financial transactions tax (IOF) on foreign exchange. Brazil is phasing out the IOF on foreign exchange transactions to meet its commitments for joining the OECD. As provided by Decree No. 10.997, the IOF is phased out as follows according to the transaction type:
- Exchange transactions for inbound loans with an average term up to 180 days - reduced from 6.0% to 0.0% from 19 March 2022;
- Exchan…